The rise of artificial intelligence (AI) in the higher education lending sector is completely transforming the way education lenders engage with customers, streamline operations, and enhance customer experience.
Table of contents
- AI virtual agents are transforming customer communication
- Multichannel chatbots are seamlessly connecting with customers
- Self-service options lower cost and improve customers to find solutions on their terms
- Personalization and customization help to tailor solutions to unique needs
- Data analytics is driving continuous improvement
Through AI virtual agents, chatbots, and self-service platforms, lenders can now capitalize on the power of AI to drive efficiency and provide their clients with personalized service. Let’s talk about how AI is revolutionizing the education lending process and how lenders can benefit from leveraging this cutting-edge technology.
AI virtual agents are transforming customer communication
AI virtual agents are becoming more and more important in helping customers get the information they need from education lenders. In a study by IBM, 99% of respondents reported increased customer satisfaction after interacting with a virtual agent. LiveVox’s Intelligent Virtual Agents harness the power of AI to provide better, faster, more personalized assistance. And with 24/7 availability, virtual agents reduce response times.
Multichannel chatbots are seamlessly connecting with customers
Multichannel chatbots like LiveVox’s eLVee are transforming how education lenders interact with their customers. These chatbots enable seamless communication across multiple channels, including websites, social media platforms, and messaging apps. Customers can access information about loan options, eligibility criteria, repayment plans, and more through an efficient, user-friendly chat interface. Chatbots provide instant responses, reducing wait times and empowering customers to get the information they need at their convenience. This saves customers and lenders time. According to Juniper Research, chatbots are expected to save businesses over 2.5 billion hours by the end of 2023.
Self-service options lower cost and improve customers to find solutions on their terms
AI-powered self-service platforms (such as websites, chatbots, and widgets) are making it easier than ever for customers to navigate the lending process independently. Harvard Business Review reports that an overwhelming majority of customers — 81% — prefer to use self-service options over traditional interactions. By catering to this desire for self-service, AI is boosting convenience and efficiency, lightening the load of administrative tasks, and streamlining operations for everyone.
Personalization and customization help to tailor solutions to unique needs
AI-driven technologies enable education lenders to offer personalized experiences and customized solutions to their customers. Take it from Forbes — 52% of customers expect personalized experiences from the businesses they interact with. By tracking and analyzing vast amounts of data, AI algorithms can detect patterns, predict user preferences, and recommend solutions tailored to each customer’s unique situation. LiveVox’s AI-powered products enable lenders to provide a more customer-centric experience and build strong relationships with customers. Personalized lending services lead to an even better customer experience and pave the way for customer loyalty.
Data analytics is driving continuous improvement
AI-powered solutions generate powerful insights from customer interactions, allowing lenders to make data-driven decisions and drive continuous improvement. They can also provide robust analytics capabilities, enabling lenders to identify potential areas of improvement to build a better overall customer experience. By analyzing customers’ queries, feedback, and behavior patterns, lenders can identify and quickly eliminate pain points, optimize processes, and enhance the overall lending experience.
As you can see, AI is transforming the higher education lending process, elevating the customer experience to new heights. AI virtual agents, chatbots, and self-service platforms are empowering customers by providing instant, personalized support and making lender interactions more streamlined than ever. As AI continues to evolve, expect to see further advancements in the education industry that will reshape the way lenders engage with customers, driving efficiency, personalization, and customer satisfaction to new and exciting levels. LiveVox can help you stay on top of this movement with innovative solutions that make lending more convenient for everyone.