🚀 Generative AI is emerging as a game-changer in customer support, addressing the need for scalability and personalization, a shift from traditional and first-gen automation methods. A study by @nberpubs and JetBlue's implementation of @asapp’s generative AI solution indicate a measurable impact, significantly reducing Average Handling Time (AHT) while maintaining NPS scores. Get ready for a seismic shift! 1. The customer support arena is bustling with 100+ players serving diverse segments, channels and interaction types. Incumbents & established startups, founded pre-LLM, are adding gen AI features. New-age startups, founded post-2020, are innovating with AI-native tools. 2. Key use-cases attracting innovation are Conversational AI and Agent Assist, which can diminish manual effort, improve TAT, and scale customer support operations. 3. Several startups like @koredotai, @forethought_ai, @ThreadoHQ, @Certainly_io are carving out niches in unique use-cases and industry-specific solutions, while others, located in low-cost geographies like India, offer competitive features at lower price points. 4. While funding dollars in 2022-23 predominantly went to incumbents and established players, new AI-native startups attracted smaller, speculative bets which made up >45% of the total funding deals in this period. 5. Signs indicate the initial AI hype is settling down, with a growing interest in tools that prove successful value creation, as shown by @saplingai, @verloopio, and @monkeylearn, all of which are experiencing strong traction. @boost_ai_ and @kommunicateio have built strong customer franchises, earning acclaim for their advanced conversational AI capabilities and blend of bot and human-driven interactions, respectively. 6. Looking forward, the market is highly competitive – despite the dominance of established players, new startups are gaining ground. Large deals and M&A activity are expected in the next two years – recent acquisitions like @tryramp acquiring @CohereHQ, @dstny_group acquiring @tactfulai are proof. A transition away from human agents could be imminent, with innovation in fully self-serve solutions. Read more at xitter.cf/synaptic_data/st… #AI #CustomerSupport #Innovation #Startups #Funding #ConversationalAI #GenerativeAI #AIfunding #AIstartups #AItools

🚀 Generative AI is radically transforming customer support! It's merging scalability with personalization –a significant pivot from traditional and 1st-gen automation methods. Get ready for a seismic shift! [🧵 1/16]