Zoom Video Communications (ZM) recently announced a series of new product innovations and features at its annual event, Zoomtopia 2023. These innovations are aimed at improving communication, collaboration, and productivity for individuals and teams in the financial markets.
Introducing Zoom Docs: Collaborative Workspace with AI
One of the key innovations introduced by Zoom is Zoom Docs, a collaborative workspace that incorporates AI capabilities. This workspace integrates with Zoom and third-party apps, making it easy for teams to create, collaborate, manage projects, and stay organized. Zoom Docs includes document features, wikis, and AI-powered functions like content population, generation, summarization, and document search. It is expected to be available to the general public in 2024.
Zoom AI Companion: Generative AI Digital Assistant
Zoom has also unveiled Zoom AI Companion, a generative AI digital assistant that assists users by summarizing meeting discussions, chat threads, and composing emails in Zoom Mail. The latest addition to Zoom AI Companion is its Whiteboard capability, which aids in generating and categorizing ideas. This feature is available at no additional cost for paid users on eligible accounts.
Enhancing Hybrid Work Experience
In order to enhance the hybrid work experience, Zoom is suggesting seat locations for key collaborators and launching a Wayfinding feature to help users navigate unfamiliar office spaces. Virtual coworking spaces, called “Huddles,” now feature presence indicators and location information. The company is also streamlining the pre-meeting process with features in Calendar, Mail, Team Chat, and Zoom Scheduler.
AI-Powered Customer Experience Solutions
Zoom aims to support customer-facing teams, such as customer support agents and supervisors, with its AI-powered customer experience solutions. The AI Expert Assist provides real-time support, natural language understanding, and context-aware actions to streamline contact center workflows. Additionally, the Virtual Agent and Zoom Contact Center will integrate with popular Meta digital messaging apps, WhatsApp and Messenger. Event managers can benefit from AI-composed event email invitations and lobby chats.
What to Expect for Zoom in the Near Future
By strategically leveraging AI to increase its user base and enhance user engagement, Zoom aims to continue its growth trajectory. The company has seen an increase in customers contributing more than $100,000 in revenue in the trailing 12 months, indicating potential growth in the near term. For the third quarter of fiscal 2024, Zoom expects revenues in the range of $1.115 to $1.120 billion, with non-GAAP earnings per share between $1.07 and $1.09.
It’s worth noting that Zoom faces competition from technology giants such as Microsoft, Alphabet, and RingCentral in the cloud communications segment. While Zoom has gained 0.5% year to date, Microsoft’s shares have increased by 30.7%, Alphabet’s have jumped by 49.9%, and RingCentral’s have declined by 19%.
Zoom’s latest AI-driven solutions showcased at Zoomtopia 2023 are expected to enhance collaboration and productivity for individuals and teams in the financial markets. By leveraging AI, Zoom aims to attract more users and provide an exceptional user experience. However, the company must navigate headwinds such as macroeconomic conditions and strong competition to maintain its growth momentum.