Generative AI Offers Lifeline for Frustrated Indian Customers: Report

A new report from ServiceNow has revealed a stark reality for Indian consumers: they collectively spend a staggering 15 billion hours on hold for customer service each year. This equates to an economic loss of $55 billion annually.

Despite this frustrating experience, there’s a glimmer of hope. The same report, the ‘Customer Experience Intelligence Report 2024,’ indicates a growing trust in AI solutions. Nearly two-thirds of Indian respondents expressed confidence in generative AI’s ability to deliver superior customer service.

"Time is running out for Indian businesses," states Sumeet Mathur. "With customers demanding resolutions within three days, AI-powered self-service is no longer an option, but a necessity."

Key findings from the study include:

• Increased self-service usage: 62% of respondents resolved more issues through self-service options in 2023 compared to the previous year.
• Rising trust in AI: Over half of Indians trust chatbots (55%) and self-help guides (56%) more than before.
• Economic impact of hold times: The average Indian spends over a day (30.7 hours) on hold annually, resulting in a significant economic loss.
• Customer impatience: 66% of respondents would switch to another company if their issue isn't resolved within three days.
• Barriers to efficient customer service: Inefficient internal communication, lack of decision-making power for customer service staff, and poor record-keeping are major culprits behind service delays.

ServiceNow emphasizes the potential of AI to address these challenges through tools like Now Assist. By automating routine tasks, AI can free up human agents to handle complex issues and provide more personalized support.

As consumer expectations for quick and efficient service continue to rise, businesses in India will need to adapt to stay competitive. Embracing AI-powered solutions is seen as a crucial step in delivering exceptional customer experiences.