AI- Chatbots

AI- Chatbots

As we enter a new phase of automation and Artificial Intelligence, we are looking at an incredibly exciting time for marketing and customer experience, with huge benefits for the consumer and faster than real-time customer service.

Chatbot has revolutionized the sectors like banking, travel, logistics, etc. While building a bot technology plays a major role but with that there should be a continuous improvement to attend more customer answers and queries. Bots should add value to a business and customer experience for a user which will make them feel that they have been personally attended to.

Chatbots are igniting the finance industry, and it’s no surprise why. With the ability to mechanize operations, impact more customers, and provide a more friction-free customer experience, chatbots are streamlining and optimizing many businesses digital services. As one of the largest U.S. banks, Bank of America (BofA) is leading the charge for artificially intelligent chatbots in financial services. Last year, the company announced Erica, a voice- and text-enabled chatbot for BofA customers. Erica is being touted as an intelligent digital assistant designed to help customers make smarter banking decisions. SIA works on artificial intelligence and is an effort by SBI to identify work processes that can be transferred to robots so that human resources can be more creatively used. Rather than offering customers a virtual assistant on mobile messaging apps, the largest U.S. bank is using bots to streamline its back office operations. JPMorgan Chase recently launched COIN, a bot capable of analyzing complex legal contracts faster and more efficiently than human lawyers can. Since its launch in June of last year, the bot has helped JPMorgan save over 360,000 hours of manpower.

Travel chatbots have shown an immense scope of growth and market potential. If you visit the TAP Portugal website (a site that focuses on flight deals to popular destinations such as Portugal and Brazil), you’ll find the chatbot Sofia waiting to answer your questions at the top of the page in a search bar. Ask a question, and a pop-up appears with an answer. For example, you can ask Sofia about a flight status, and she will take you to the Departures and Arrivals section of the TAP Portugal website. The interface is attractive, with comment bubbles and a friendly female avatar who looks happy to help . One of Hyderabad based companies just launched a useful chatbot for train travel in India. The chatbot available on Facebook messenger allows users to find trains between two stations and fetch PNR status in case a reservation has already been made.

If a customer service response time is cut from the average 20 minutes to less than three or four minutes, there is a fivefold increase in spend. And bots are one of the most effective ways to reduce the period people are waiting.

Artificially intelligent chatbots are rapidly transforming the many services industry. As the technology becomes more advanced and less expensive to develop and implement, it’s never been easier for many businesses to leverage such technology to optimize their profits.

Bots have limitations. Bots cannot replace humans, instead they need to do the jobs they are really good at, in order to give humans more time to do what we are really good at.

The large industries in the world are already taking advantage of the benefits of chatbots to streamline their operations, automate customer support, and provide a more convenient and enjoyable customer experience. As these businesses see increased revenue and decreased expenses, no doubt the rest will soon catch up.

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