CEQUENS, the global omnichannel communication platform that offers integrated communication channels such as SMS, voice, and other messaging applications is adopting an ambitious plan as the company is currently developing its own AI-powered chatbot.
Karim Khorshid, the CEO and co-founder of the company, stated that they are currently working on enhancing their AI tool, which was launched in a trial version at the beginning of this year.
The tool, which aims to serve a large number of clients globally, is being used to automate student services at one of the largest universities in Saudi Arabia, showcasing one of the new areas AI is venturing into.
Khorshid revealed that CEQUENS ‘s total investments exceeded four billion Egyptian pounds in 2023, noting that the company relies on Egypt as a main hub for exporting its services to various countries, including Saudi Arabia, Pakistan, and the UK, where it has official offices.
He also mentioned that the company plans to increase its business volume to $200 million by 2026 as part of its expansion strategy into European and Southeast Asian markets, particularly those witnessing high growth rates in the AI field.
Khorshid believes that the next generation of chatbots offers numerous advantages, such as the ability to continuously learn from interactions with clients. The more conversations these chatbots engage in, the more skills they acquire. Additionally, they can operate 24/7 without interruption.
Khorshid pointed out that a recent study released at the beginning of this year indicated that about 86% of users worldwide had experienced chatting with chatbots when requesting to speak with customer service agents over the past year. This highlights the growing awareness among companies regarding the importance of AI-driven mechanisms.
A study conducted by CEQUENS on the impact of automated conversations on service efficiency found that the average number of messages exchanged between a client and a human customer service agent was around 26, compared to just 10 messages exchanged between clients and automated chat services.
Khorshid pointed out that the current generation of chatbots surpasses the first generation in several key aspects, most notably in understanding the context of customer questions due to its reliance on large language model technology. He mentioned that major companies increasingly adopted advanced chatbots over the past year to address the decline in the number of people willing to work in customer service due to dissatisfaction with work environments and the lack of work-life balance.
He emphasized that communication systems are currently undergoing significant development with the integration of AI, which has led to noticeable improvements in user experience and customer service levels, as well as cost reduction for companies by decreasing their workforce.
Regarding the Saudi market, Khorshid highlighted that CEQUENS has been established in the kingdom for a long time, collaborating with both governmental and private institutions across various sectors such as banking and non-banking financial sectors. The company assists these sectors in developing modern data storage systems using AI mechanisms and hosting data with cloud computing, ensuring greater confidentiality and efficiency in data preservation.
