Is AI Really Improving the Customer Experience?

Is tech actually improving customer service? Many people left hanging on the phone, or going around an AI chatbot loop would argue that it isn’t and real live humans are still needed. Here’s some survey info FYI;

Amid today’s uncertain economic environment and companies’ increasing dependence on technology to provide customer service, consumer patience has dwindled with the rate of consumers who feel that companies need to improve their customer experience doubling (70%) since 2019, according to the latest CX & Communications Consumer Insights survey from global Fintech leader, Broadridge Financial Solutions, Inc.

The research underscores the pressing need for companies to further enhance the customer experience and emphasizes the crucial role of personalization and empathy in addressing customer concerns, particularly in the age of AI.

“The survey’s message is clear: companies need to ensure their technology and communications strategies go hand in hand,” stated Dave Zamorski, general manager of digital solutions for Broadridge Customer Communications. “It is mission critical for companies to transform their digital communications with best-in-class security and omni-channel platform modernization to meet market demands.”

There is still time for businesses to turn things around. Despite economic challenges, 47% of consumers are willing to spend more for an improved customer experience. Notably, Gen Z (53%) and Millennials (57%) are more inclined to invest in superior CX compared to Baby Boomers (34%).

Sixty-five percent of consumers feel that AI lacks a sense of empathy and 82% prefer to communicate with a human if an issue arises, emphasizing the need for a balanced approach that is coupled with human interaction and works across different preferences.

Data Security & Privacy are Top of Mind

Privacy and security are especially critical in the age of AI. The survey indicates a growing awareness and concern among consumers around the importance of data privacy, with two thirds of respondents reporting being concerned about their data being compromised due to AI. This is especially true for Baby Boomers (74%) compared to Gen Z (58%).

While more than half (54%) of consumers are open to sharing their personal information for a more customized experience, they also want to make sure that information is secure and advocate for businesses to adopt advanced technologies to enhance the overall security of their digital interactions. A majority of consumers (77%) believe there should be more legislation in place to protect personal data.

For more information, view Broadridge’s full report here.