Generative AI is like a spell book filled with complex algorithms that can transform customer experience (CX). It’s like brewing a potion: you can train models with data to improve CX, however, the “magic” does not come without potential risks.
Many business leaders are exploring the use of generative AI to improve aspects of CX, including the customer billing journey. In a survey CSG conducted across 64 global companies, 66% agree that a ChatGPT-like experience would be effective in solving bill confusion. While quickly providing information and digital self-service to customers 24/7 is appealing, generative AI comes with some daunting legal and privacy risks to consider.
But don’t be afraid of implementing this new technology. Generative AI can be used responsibly to improve CX and drive better business results to the bottom line. We’ve conjured up a generative-AI-powered solution that reduces bill confusion and contact center calls as a first quick win.
Generative AI: Just Say Abracadabra and the Answer Magically Appears
Generative AI is not a ghostwriter but rather leverages science in the form of deep learning algorithms to create new content (text, images, code, etc.) based on input data. It’s like a witch weaving spells, drawing upon patterns in existing data to craft something new and unique, except in natural language.
Microsoft describes generative AI as “a form of artificial intelligence in which models are trained to generate new original content based on natural language input. In other words, you can describe a desired output in normal everyday language, and the model can respond by creating appropriate text, image, or even code output.”
Based on these definitions alone, the possibilities of generative AI seem nearly limitless, so what’s holding organizations back?
Generative AI Can Be Spooky
The specter of generative AI spurs compliance-related anxiety and concern:
Legal considerations
Generative AI may create inaccurate or misleading information or content that harms the user. OpenAI, the developer of ChatGPT, states that “ChatGPT sometimes writes plausible-sounding but incorrect or nonsensical answers.” People should not rely on generative AI for medical or legal advice, given the potentially harmful consequences of misinformation.
Data privacy protection
To protect personal or confidential company data, businesses must require customers to opt in and should NOT enter that data in a generative AI tool. Any data entered into an open-source AI (such as ChatGPT) may be shared or used to train the generative AI model.
Fear Not: AI Regulations Are Coming Soon
Recognizing AI’s potential risks, legislators are proposing new regulations for the use of generative AI. For example, the use of AI in the European Union will be regulated by the AI Act, the world’s first comprehensive AI law. EU lawmakers are currently negotiating revisions to the proposed legislation. The AI Act should be finalized by the end of 2023.
Under the AI Act, AI systems that interact with humans (such as chatbots) would be subject to a set of transparency requirements. EU businesses using generative AI would need to:
- Disclose that the content was generated by AI
- Design the model to prevent it from generating illegal content
- Publish summaries of copyrighted data used for training
The U.S. government is taking a methodical approach to the regulation of AI, but several members of Congress are drafting or have already introduced AI-related legislation.
A Quick Win: Demystify the Billing Experience
You don’t have to cast a spell to protect your company from the perils of using generative AI incorrectly. You just need to choose the right use case, that leads to a quick win with low risk. CSG Bill Explainer leverages generative AI to create personalized summaries that explain changes in subscription bills with a ChatGPT-like experience—a simple and easy path forward for generative AI adoption.
The Scary Truth About Bill Confusion
Let’s face it, bills can be cryptic to customers. Long, legalese-filled billing statements can read like a spell book in an ancient language. Specifically in telecommunications, financial services, and healthcare where bill shock and confusion increase call center volumes, damage customer experience and lead to consumer churn.
More than that, the sheer complexity of a recurring statement only adds to the mystery. In use cases that include more than one product offering, family members and add–on services, there are more than 1,500 different reasons a recurring bill can change month to month. Whether it’s adding more devices or an introductory promotion for a premium movie channel that expired, billing operations are not simple.
When customers don’t understand their bill, many will pick up the phone. Over 69% of billing-related call volume only requires a simple explanation of the bill, as concluded by the same CSG study of 64 global companies in telco, financial services and healthcare. That means for every million calls, organizations are paying over $3 million for agents to just explain the bill or make simple account adjustments.
Make Bill Confusion Disappear—Without a Magic Wand
Bill Explainer doesn’t work by magic, but it may seem that way. Bill Explainer uses generative AI to proactively resolve up to 70% of billing-related calls. Bill Explainer analyzes billing records to detect complex statement changes and the “why” behind them. Generative AI capabilities create a personalized, contextual summary of changes (in the customer’s preferred language), explaining what changed and the reason why. Bill Explainer proactively notifies customers that their bill has changed and includes a unique link to the personalized summary, all without requiring a login. Customers can view the plain language translation of their bill changes and navigate to further explanations for more clarity. By reducing bill confusion, Bill Explainer reduces contact center call volumes. Fewer billing-related calls are better for customer and employee experience and the bottom line.
Don’t Worry About Lighting the Black Flame Candle
Generative AI is used legally and ethically. You are not giving legal, medical or financial advice.
Generative AI provides quantitative summaries of complex information. CSG has partnered with industry leading Microsoft Azure OpenAI to meet the data security and privacy requirements of today but also those of tomorrow.
Data privacy is protected. Bill Explainer is not sending personally identifiable information (PII) back and forth; account numbers are blocked. The data training the AI model is used for processing and is discarded, so data is not stored by Microsoft. Customer billing data is also not pooled and the training is developed based on their data alone.
Customers provide consent. Customers opt in by clicking the link in the text/email to view their personalized summary.
Vanquish Bill Confusion With CSG Bill Explainer
CSG Bill Explainer leverages generative AI to create a personalized microsite that breaks down each customer’s bill using step-by-step navigation, explaining what has changed and why. Bill Explainer guides customers through the statement, itemizing all charges so they understand the “why” behind each charge with clear and contextual explanations. You can drive a quicker time to payment and improve the bottom line with connected payment gateways.
This Halloween, don’t let the fear of the unknown keep you from exploring the benefits of generative AI. Start with a simple use case: leveraging a tool that can proactively resolve up to 70% of billing calls. With CSG Bill Explainer, this technology will be a real treat for customers and businesses.
