BIP.Monticello recently attended the ChatGPT and Generative AI for CX: Hype, Reality, What to Know and Do webinar. The webinar showed how advancement in Generative Pre-trained Transformer (GPT) technology can help people working in Customer Experience (CX) roles and the exciting capabilities of OpenAI’s ChatGPT. ChatGPT can engage in conversations and provide answers within the context of what has been discussed. It can communicate in different styles, tones, languages, and formats, depending on how the user prompts it. ChatGPT excels at producing answers that are pithy and understandable.
There are several use cases where ChatGPT can improve the productivity of a CX team. Ian Jones, the Head of Strategic Solutions for eGain, commented that “writing content, particularly customer service content, is really hard, and from my experience working with clients, they really struggle.” ChatGPT can quickly produce an answer in the form of an article, an email, a letter, or even a brief chatbot response. It can save CX teams time with basic information gathering and research. However, CX teams will still have to review what ChatGPT generates for content accuracy and relevance. ChatGPT can summarize larger amounts of customer feedback and turn it into valuable insights. CX teams can take user feedback submitted online and ask ChatGPT to analyze the data and summarize actionable points from it. These productivity improvements allow CX teams to do more work with fewer people and focus on more value-added work.
Early adopters of generative AI tools should be mindful of their shortcomings. When applying GPT to the use cases mentioned above, it is important to review any content that ChatGPT creates for accuracy. Because of how convincing generative AI responses are, it is easy to believe the answers are 100% true, even when they are not. As a result, there are concerns about misinformation generated by these tools. Additionally, there are privacy concerns with ChatGPT. Although OpenAI has indicated that user searches are private, there was a bug uncovered recently that allowed some users to see titles and chat history from other users. Privacy concerns prompted Italy to temporarily ban ChatGPT for widespread use until OpenAI made necessary safety changes to appease the regulators.
In January 2023, only two months after its launch in late November 2022, ChatGPT had 100 million monthly active users. Its adoption is faster than social media platforms like TikTok or Instagram, making it the fastest-growing consumer internet app ever. ChatGPT will continue to develop and become safer with improvements to address privacy and regulatory concerns. Its applications to CX and other user cases will improve productivity and foster innovations. As Ashu Roy, CEO of eGain, commented, “With ChatGPT, it seems like we are ever so close to the possibility of potentially augmenting a significant amount of work that customer experience Associates are doing on the front lines, as well as automating significant parts of customer experience interactions where it makes sense.”
About BIP.Monticello
BIP.Monticello, a member of the BIP Group, is a management consulting firm supporting the financial services industry with its expertise in digital transformation, change management, and financial services advisory. Our understanding of the competitive forces reshaping business models in capital markets and digital banking are proven enablers that help our clients drive innovative change programs to be more competitive and gain market share in new and existing businesses. In partnership with Bip.xTech, we collaborate with our clients to infuse the spirit of data-driven organizations and build digital solutions in areas of AI, Natural Language Processing (NLP) and Machine Learning, helping them make their operations more efficient and achieve a competitive advantage in their Digital Transformation journeys.
