We’ve all experienced it—the dreaded “doom loop” of automated customer service, trapped in an endless cycle of robotic menus and unhelpful chatbots. In fact, 67% of customers struggle with IVRs for at least five minutes to get an answer, and 41% have struggled for at least 15 minutes (eGain). It’s frustrating, time-consuming, and, frankly, bad for business. But here’s the good news: this isn’t just a problem—it’s an opportunity.
The current administration’s recent “Time Is Money” initiative is putting an urgent spotlight on consumer pain points like the doom loop, deceptive reviews, and tricky subscription cancellations. With the official announcement made on August 12, 2024, and letters already sent to Health Insurance CEOs, the regulatory landscape is shifting fast. While federal rulemaking typically takes two to three years, The Consumer Financial Protection Bureau is actively working on rules to cut down on these issues, including how banks and corporations use chatbots and AI to frustrate users. Businesses that act now not only stay ahead of these impending regulations, but also gain a significant competitive edge with an average cost savings of $5.05M USD (IBM).
Pushing past the customer doom loop can be made easy for CX leaders by prioritization of personalization and seamless escalation paths. In doing this, organizations can see a 10 – 15% revenue lift as fast growing organizations drive 40% more of their revenue from personalization than their slower-growing counterparts (McKinsey). Ensuring automated systems are intuitive and responsive, with options for human intervention when needed, can also enhance customer satisfaction. Regularly updating these tools based on customer feedback and leveraging AI to improve natural language understanding are also key strategies. Additionally, integrating IVRs and chatbots with a broader omnichannel strategy that incorporates human-in-the-loop allows for a more cohesive and efficient customer journey, reducing friction and frustration.
For most brands, the use of IVRs, chatbots, and other self-service tools have become key elements of their customer support organizations because of the significant cost savings they provide. With the “Time is Money” initiative many CX leaders fear their contact centers will become cost centers once more. But when it comes to adopting the new government regulations, cost-effectiveness and compliance can go hand in hand. Arise® is at the forefront of this regulatory shift with a platform that offers innovative customer service solutions that prioritize human interaction so customers are always connected with real people who can solve their problems quickly and efficiently. Whether it’s streamlining subscription cancellations, enhancing customer support, handling customer reviews, improving interactions, or ensuring compliance with new regulations, the Arise® Platform can help your business stay ahead while driving significant cost savings.
Resource Optimization: Using global support resources based in the gig economy, brands can align resource support levels with predicted contact volume and other service demands. Effective scheduling in 30-minute increments, forecasting, and real-time adjustments deliver up to 200% intraday flex and 600% seasonal flex, always ensuring the right level of support while reducing waste and maximizing efficiency.
Technology and Automation: Arise’s ongoing investments in cutting-edge technologies like generative AI, chatbots, and omnichannel systems ensure brands benefit from the latest advancements in automation and customer support without the need for substantial upfront investments.
High Quality Interactions: The Arise® Platform allows brands to deliver high-quality customer service, with GigCX professionals certified in brand-focused interactions. Ongoing learning, development, and robust quality support drive customer satisfaction and loyalty. Engaged Service Partners, supported by the Arise® Platform, provide omnichannel services the type of trust and meaningful connections that can drive up to 6% more revenue.
By leveraging our advanced technology and resource optimization strategies, Arise offers brands the ability to achieve up to 32% cost savings without compromising on quality.
There’s no better way to overcome the customer doom loop and ride the wave of compliance than with the Arise® Platform.
Contact Arise today for a customized TPV assessment and discover how you can save up to 32% while delivering the exceptional, human-in-the-loop experience your customers deserve.
©Arise Virtual Solutions Inc., 2024
