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1 – 3 of 3Jan Hendrik Blümel, Mohamed Zaki and Thomas Bohné
Customer service conversations are becoming increasingly digital and automated, leaving service encounters impersonal. The purpose of this paper is to identify how customer…
Abstract
Purpose
Customer service conversations are becoming increasingly digital and automated, leaving service encounters impersonal. The purpose of this paper is to identify how customer service agents and conversational artificial intelligence (AI) applications can provide a personal touch and improve the customer experience in customer service. The authors offer a conceptual framework delineating how text-based customer service communication should be designed to increase relational personalization.
Design/methodology/approach
This paper presents a systematic literature review on conversation styles of conversational AI and integrates the extant research to inform the development of the proposed conceptual framework. Using social information processing theory as a theoretical lens, the authors extend the concept of relational personalization for text-based customer service communication.
Findings
The conceptual framework identifies conversation styles, whose degree of expression needs to be personalized to provide a personal touch and improve the customer experience in service. The personalization of these conversation styles depends on available psychological and individual customer knowledge, contextual factors such as the interaction and service type, as well as the freedom of communication the conversational AI or customer service agent has.
Originality/value
The article is the first to conduct a systematic literature review on conversation styles of conversational AI in customer service and to conceptualize critical elements of text-based customer service communication required to provide a personal touch with conversational AI. Furthermore, the authors provide managerial implications to advance customer service conversations with three types of conversational AI applications used in collaboration with customer service agents, namely conversational analytics, conversational coaching and chatbots.
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Francesco Busato, Maria Ferrara and Monica Varlese
This paper analyzes real and welfare effects of a permanent change in inflation rate, focusing on macroprudential policy’ role and its interaction with monetary policy.
Abstract
Purpose
This paper analyzes real and welfare effects of a permanent change in inflation rate, focusing on macroprudential policy’ role and its interaction with monetary policy.
Design/methodology/approach
While investigating disinflation costs, the authors simulate a medium-scale dynamic general equilibrium model with borrowing constraints, credit frictions and macroprudential authority.
Findings
Providing discussions on different policy scenarios in a context where still it is expected high inflation, there are three key contributions. First, when macroprudential authority actively operates to improve financial stability, losses caused by disinflation are limited. Second, a Taylor rule directly responding to financial variables might entail a trade-off between price and financial stability objectives, by increasing disinflation costs. Third, disinflation is welfare improving for savers, while costly for borrowers and banks. Indeed, while savers benefit from policies reducing price stickiness distortion, borrowers are worried about credit frictions, coming from collateral constraint.
Practical implications
The paper suggests threefold policy implications: the macroprudential authority should actively intervene during a disinflation process to minimize costs and financial instability deriving from it; policymakers should implement a disinflationary policy stabilizing also output; the central bank and the macroprudential regulator should pursue financial and price stability goals, separately.
Originality/value
This paper is the first attempt to study effects of a permanent inflation target reduction in focusing on the macroprudential policy’ role.
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