Businesses surely are preparing for that future. Read on …
MUMBAI, India, January 12, 2018 – Remember those imaginative Hollywood movies, where the actors are able to perform a lot of daily tasks with a simple verbal command or a typed message into a machine? Ever wondered what it would be like to have that technology for real, in your home?
This is possible only due to 'bots' – one of the biggest boons of technology to mankind. Bots are a piece of software designed to make a specific task happen automatically. Now imagine a step up to this technology. Apart from automating a lot of activities on your to-do list, there is a technology which you can talk to. A technology almost human-like in its behavior and personality, such that most of the time you cannot tell the difference, and you feel as if you're talking to a friendly assistant.
This is called a 'chatbot' and the way Artificial Intelligence is exploding, they are the future. Imagine something more advanced than Siri, Alexa and Cortana. Imagine not having to use an app every time you want to order pizza, book a table at a restaurant, or buy a suitable birthday present for your wife, because these are just a voice command or a text away.
subhadeep and souvik – the cofounders at jubi.ai are extremely bullish about the future of disruption of business with Artificial Intelligence. jubi.ai 's SuperBot solutions are part of Digital transformation programs of some of the largest companies based out of India
This is not just a technological notch up, but also a major paradigm shift in the way we use computers and software. Gartner, which delivers technology research to major global technology business leaders, said that by 2020, customers will manage 85% of their relationship with any enterprise without interacting with a human. Other research says that by the end of 2017, only about one-third of customer service queries will require human intervention!
This could turn out to be true, given how major corporations are now jumping on the chatbot bandwagon. Facebook, Microsoft and Apple are at the forefront of the chatbot revolution.
A chatbot uses machine learning- Natural Language Programming – to pick up on the conversational nuances and patois of human conversation- which means it can mimic human conversation and react to spoken or written commands to deliver a service- it does this when, as a user interface, it can be plugged into a number of data sources via API.
It may soon come to pass that every service being delivered today by a website or app will be delivered via chatbot- therefore, every brand and business will need to have a bot of their own to provide customer touch-points. Yes, chabots are the next big business disruptors!
Let's take the example of the banking and finance sector. When the user paradigm shifted from websites to mobile operating systems and apps, banks rolled out apps that helped user make transactions. Now with the paradigm shifting to chatbots and messaging, imagine a chatbot that can take care of all your financial needs. Imagine that, instead of having to go to the website or download an app every time, users can avail of banking and financial services on a messaging app that takes commands and executes them! The healthcare industry is not far behind. Chatbots are being developed that can answer health and wellness related questions, analyze your symptoms, tell you whether you need to visit a doctor, and provide other services, like medical report consultation, preventive health check-up packages, yoga and meditation guides etc.
On that note, this also means that vital services, like financial or healthcare, can become easily accessible for users with the help of a conversational interface like chat-bot. Chat-bots can lead to increased user engagement and better customer satisfaction.Visiting the service provider physically has become almost obsolete- the necessity of offline transactions has been slowly dwindling. There is no longer the necessity of scouring a company's website to find what you're looking for. The need to have to download apps from PlayStore, probably clogging up your already overloaded phone memory, and avail of the required service has also reduced.
With chatbots, you get a user interface wherein all functions are integrated, and you can find whatever you need with a simple oral or written prompt. It's providing you the reliability of offline transactions with the convenience of online transactions. It was the smartphone which nudged us towards artificial intelligence as a basis of mass communication.
When smartphone usage rose in the last decade, corporations had to adapt by truncating their websites to fit onto a much smaller screen, which had to be compatible across devices- laptops and Pcs, phones and tablets. So came about the genesis of the mobile application, or 'app'. Every company and corporation was designing an app for their users- from Cafe Coffee Day to Vodafone to banks. Then came the big shocker.
A study from Comscore, an American analytics company, revealed that 78% of users used just three apps or less! Users don't actually like apps all that very much- they prefer a one on one conversation, and messaging apps, like Whatsapp and Facebook Messenger, are by far the most popular. That's why chatbots are already being called the third interface – the best of online and offline interfaces!
And this third interface is soon going to become an indispensable part of your home, your daily life.
What with Google Home and Amazon Echo, screen-less devices which can, which a simple connection to your Wi-Fi, provide a range of services, from setting your shopping list to managing your e-mails to setting up your television content to making instant money transfers!
Here are some use-cases:
1. Personal Financial Management is undergoing a major transformation, as to what banks can do for their customers once they have access to their financial information. How Artificial Intelligence can help in managing personal finances is in the field of spend forecasting, using customer data going back to as much as years to forecast how they will spend in coming months. This will help determine where they can cut down on spending, and save money.
2. Recommendations: Banks can use Artificial Intelligence to provide recommendations to customers. AI can help banks understand customer pain points, individual habits and life goals, and therefore build more personalized relationships, leading, in return, to better customer retention.
3. Financial advise across asset classes: The bot philosophy can be extended smoothly to automating online transaction etc. across asset classes which otherwise takes lengthy forms and a lot of boring time
4. Myth-busting and customer education on steroids: Any industry, for whom customer education and myth-busting is important can immensely gain from bots too.
At jubi.ai, we are working on large-scale conversational interfaces across categories like insurance, mutual funds, health care, personal care and fast moving consumer good. We are determined to help enterprises embrace the power of Artificial Intelligence in the most hassle-free way.
Powered by WPeMatico