Bandwidth (BAND) Offers AI-Powered Customer Support Solution
Bandwidth Inc. BAND has teamed up with Google and Cognigy to introduce a voice-based artificial intelligence tool AIBridge. The partnership aims to offer a premium customer service experience by harnessing the full potential of generative AI to facilitate rich and intuitive conversations. The new solution will serve as an AI-powered communication assistant that will enable the contact center address client queries faster over the communication cloud.
Till date, enterprises mostly relied on traditional IVR (Interactive voice response) technologies for automated customer support. These IVR systems often encountered issues in accurately interpreting the spoken input. The poor voice recognition, confusing menu-based system and lack of natural language understanding frequently led to misunderstanding and customer frustration. Bandwidth AIBridge is now paving the way for the transition from legacy IVR technologies to AI-powered platforms.
The AIBridge solution is crafted by integrating numerous components. At its core is Bandwidth Maestro, an advanced cloud communication platform, which seamlessly combines top-tier real-time voice applications into the enterprise's unified communications, cloud contact center and machine learning platforms. Its communication-platform-as-a-service offers a unique approach that augments customer experience and facilitates seamless integration that reduces cost and faster time to value.
Dialogflow, powered by Google AI, is a natural language understanding platform, which can analyze multiple types of inputs from customers. It offers new and engaging ways to interact with clients, seamlessly transitioning between topics and operating across multiple channels. Cognigy.AI enriches contact center agents with conversational and routing intelligence, effectively distinguishing self-service opportunities for routine tasks from critical inquiries that demand immediate agent intervention.
Bandwidth AIbridge is a state-of-the-art one-stop solution that encompasses all these advanced features and is readily available as a pre-built integration within the Bandwidth Maestro platform. It can have numerous applications in a wide range of industries worldwide. The AIbridge can effectively take care of mundane and repetitive tasks like flight cancellation, order tracking, credit card issues, password reset and e-commerce support.
The solution will significantly boost the productivity of live agents, enabling them to focus on more critical issues that require emotional intelligence and problem-solving skills. Along with these, Bandwidth Visual Builder program eliminates the necessity of software coding and simplifies the management of complex call flows.
AIbridge will significantly enhance cost efficiency across organizations. A study forecasted that AI applications will manage approximately 30% of total client interactions in 2031, marking a significant surge from just 2% in 2022. The solution can have a transformative effect on how contact centers operate worldwide. The enticing features are expected to enhance Bandwidth's commercial prospects and further solidify its leadership position in the communication infrastructure market.
Bandwidth operates as a Communications Platform-as-a-Service (CPaaS) provider, offering avant-garde software application programming interfaces for voice and messaging services. With experience of two decades, it is the sole CPaaS provider in the industry with a diversified customer base ranging from communications service providers to small and medium-sized businesses.
Continuous innovation on CPaaS offerings allows enterprise customers to have direct access to Bandwidth’s comprehensive suite of products and services that cater to the networking requirements of large-scale Internet companies and cloud service providers based in the United States. The company believes that its evolving portfolio and accretive customer base are the cornerstones of long-term growth across a diverse set of markets.
Shares of Bandwidth have lost 4.1% in the past year compared with the industry’s decline of 31.1%.
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The company currently carries a Zacks Rank #3 (Hold).
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