The State of Conversational AI on BSFI in The Middle East 2023
We conducted comprehensive research on Conversational AI in the Middle East, focusing on 26 prominent financial institutions and insurance companies.
We aimed to gain deep insights into five key themes related to Conversational AI.
The themes explored were:
- Common Conversational AI Scenarios: We investigated the prevalent use cases of Conversational AI within organizations in the Middle East
- Current and Future Usage Trends: We analyzed how organizations perceive the present state of Conversational AI adoption and their expectations for its future usage.
- Benefits and Challenges: We examined organizations’ perceived advantages and obstacles when investing in Conversational AI technology.
- Critical Success Factors: We explored the factors organizations consider crucial for successfully implementing Conversational AI.
- Maturity in Conversational AI: We investigated how organizations progress and attain maturity in their utilization of Conversational AI.
Six Findings Were Uncovered By IST During Our Research
- Adoption of Advanced Conversational AI: The region is experiencing a remarkable uptake of advanced Conversational AI applications, creating substantial growth opportunities.
- Seamless Experience and Customer Loyalty: A seamless experience emerged as the most influential factor in fostering customer loyalty, emphasizing the importance of smooth interactions facilitated by Conversational AI.
- Dominance of Customer Service: Customer service emerged as the predominant use case scenario for Conversational AI within organizations in the Middle East.
- Challenges in Implementation: Despite the progress made, significant roadblocks still hinder the widespread implementation of Conversational AI in the region.
- Deflection of Contact Center Traffic: The primary driver for increased investment in Conversational AI is its effectiveness in deflecting contact center traffic, thereby reducing the burden on customer service teams.
- Time Savings: Conversational AI offers tangible time-saving benefits for businesses, enabling streamlined processes and enhanced efficiency.
These findings provide valuable insights into the current landscape of Conversational AI within the Middle East, showcasing its potential for growth, the importance of customer experience, prevalent use cases, implementation challenges, investment drivers, and business advantages.
Based On Our Findings IST Has Framed The Following Approach to Help You
Explore How to Build a Successful Pilot
Scale for Success
Optimize For Excellence
Survey: The State of Conversational AI on BSFI in The Middle East 2023
IST created this survey to empower the Banking & Insurance organizations with implementing Advanced Conversational AI solutions powered by regional insights. With the rise of digital technologies, the BSFI sector will evolve at different rates in the Middle East. Banks that integrate AI technology into their customer service model are more likely to position themselves as the most reliable source of quality service.