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Machine learning will scale personalised customer interactions: Flamingo

elearningFlamingo, an ASX-listed artificial intelligence company that develops conversational commerce agents for financial organizations, will be ramping up its expansion efforts with a newfound focus on the Asia-Pacific market, as well as new industry verticals such as healthcare.

Following a successful listing on the Australian Securities Exchange (ASX) on November 17 with a market capitalization of AU$23 million, conversational commerce company Flamingo is now looking at Australia as a key market, with online lending marketplace DirectMoney being announced as its first local client.

Born in Australia and based in the US, Flamingo is a software-as-a-service (SaaS) company that provides an "intelligent guided selling platform" to help financial services firms address the problem of low online sales conversion rates. Currently, the average online quote-to-sales conversion rate in the US insurance industry sits between 1 and 3 percent, compared to 20 to 60 percent conversion in call centres.

"The reason for this is that buying products online such as financial services are enormously complicated and customers have a large tendency to abandon doing things online and eventually will go to a call centre or to a broker," Flamingo founder and CEO Dr Catriona Wallace said at a media and investor meeting last Wednesday.

"One of our large US clients report that within the first 90 days that a new customer comes on board, 80 percent of those customers will call the call centre four to five times because they don't understand what they've bought. They don't understand the product, they don't understand how to use it, they don't understand the value of it.

"In addition, there's pressure to reduce headcount and get efficiency in call centres."

According to a recent study conducted by Fifth Quadrant and commissioned by Flamingo, 60 percent of the Australian consumers surveyed said they had abandoned an online purchase in the last three months due to prices not being competitive, complicated checkout process or poor shopping cart functionality, complicated website navigation, security concerns, and lack of information about the product or service.

By combining web chat, web forms, and artificial intelligence, Flamingo guides customers through their purchasing decisions, Wallace explained, coupled with a data science capability.

The company claims its edge is a conversational commerce agent called Rosie that is more sophisticated than a chatbot.

According to a recent study conducted by Fifth Quadrant and commissioned by Flamingo, 60 percent of the Australian consumers surveyed said they had abandoned an online purchase in the last three months due to prices not being competitive, complicated checkout process or poor shopping cart functionality, complicated website navigation, security concerns, and lack of information about the product or service.

By combining web chat, web forms, and artificial intelligence, Flamingo guides customers through their purchasing decisions, Wallace explained, coupled with a data science capability.

The company claims its edge is a conversational commerce agent called Rosie that is more sophisticated than a chatbot.

Source: http://www.zdnet.com/

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