AI has been talked about since the very early days of computing and has attained mainstream use in recent years with the likes of Amazon's Alexa and Apple's Siri. "Just as in the last 40 years, computation has enabled us to change the way we do business and create new products, AI will help us to make better decisions," Carlos Kuchovsky, chief of technology and R&D at BBVA, tells Finextra. "We are now looking at the ways in which it can help us change the way we operate and bring value." The Bank of England has recently reported that machine learning tools are in use at two thirds of UK financial firms, with the average company using it two business areas, which is expected to double in the next three years. It may be through interoperation with cloud and blockchain technology that AI's capabilities will be fully harnessed.
Artificial intelligence is becoming increasingly popular. More and more businesses are adopting AI approaches and implementing the use cases that are efficient enough, the global revenue of AI solutions is estimated to reach the mark of 118.6 billion dollars by 2025. Serving customers and businesses with the best experience and services worldwide, AI approaches are rapidly replacing the traditional approaches and decreasing the requirement for humans to perform certain redundant tasks. One of the most popularly known and used concepts of AI (Artificial Intelligence) is chatbots. Chatbots are built to serve the customers by answering their queries efficiently and on time without needing a human from the business side.
CATONSVILLE, MD, September 23, 2019 - Chatbots, which use artificial intelligence to simulate human conversation through voice commands or text chats, incur almost zero marginal costs and can outsell some human employees by four times, so why aren't they used more often? According to new research, the main contributor is customer pushback. The machines don't have "bad days" and never get frustrated or tired like humans, and they can save money for consumers, but new research in the INFORMS journal Marketing Science says if customers know about the chatbot before purchasing, sales rates decline by more than 79.7%. The study authors, Xueming Luo and Siliang Tong (both of Temple University), Zheng Fang of Sichuan University, and Zhe Qu of Fudan University, targeted 6,000 customers from a financial services company. They were randomly assigned to either humans or chatbots, and disclosure of the bots varied from not telling the consumer at all, to telling them at the beginning of the conversation or after the conversation, or telling them after they'd purchased something.
Keep your Amazon Echo close to your bed for when you really need it. When you wake up feeling groggy and sick, the last thing you want to do is get out of bed and go see the doctor. Fortunately, if you've got your Amazon Echo ($70 at Amazon) at your side (or even the Alexa app), you can get diagnosed right from your comfy zone. While Alexa isn't a doctor and can't physically examine you, it can use the web and its smarts to help give you a diagnosis based on the condition you've described. Not to mention, you can avoid that dreaded copay and doctor bill.
Communications has become the buzz word of the century. From cellphones to Facebook pages, people are in almost constant contact--or at least trying to be in contact. The IoT (Internet of Things) adds a layer to the communications concept, bringing everyday "things" into contact with everyday people. Amazon's Alexa, Google's Assistant, and Apple's Siri are all talking to us, in home and out, and now more and more houses are talking back. For example, all SheaConnect homes, by Shea Homes, include a standard set of smart home features, with additional options available in select communities.
Each of these brand-name voice assistants speaks when spoken to, turning on a smart speaker or other voice-activated device that can answer questions. Voice is rapidly emerging as a hands-free medium consumers use for, well, just about anything -- music, news feeds, hints on removing stains, instructions for mixing cocktails. In homes, people use voice commands to adjust interconnected lights and thermostats, and search for -- and even buy -- products and services. Think of cave dwellers huddled around a fire pit enraptured by hunting tales, or a 1940s nuclear family gathered in front of a radio for the next episode of The Lone Ranger. And until recently, forms of entertainment and media that relied solely on voice seemed to be on the decline.
"Mia" is the virtual assistant introduced by Australian digital bank Ubank in February 2019. These aren't the members of a new, all-female rock group, but names that several large banks have been giving to their automated digital assistants. So-called chatbots have become a useful cost-cutting tools for companies with large subscriber bases (think banks, insurance firms and mobile phone operators). As they replace human call-center workers, such bots will help save banks an estimated $7.3 billion in operational costs by 2023, Juniper Research predicts. But the proliferation of bots with female names raises questions about whether they might also perpetuate gender stereotypes, particularly around the notion of women in the role of assistants.
SINGAPORE, October 18th, 2019 – Asia/Pacific* spending on artificial intelligence (AI) systems will reach USD 6.2 billion in 2019, recording an increase of almost 54% when compared to 2018, according to the latest IDC Worldwide Semiannual Artificial Intelligence Systems Spending Guide. Evidently, as industries invest aggressively in projects that utilize AI software capabilities, IDC expects spending on AI systems will increase to USD 21.4 billion by 2023 with a compound annual growth rate (CAGR) of 39.6% over the 2018-23 forecast period. From providing chat bots for better customer service to improve the efficiency of operations and tasks for their business models, industries like Banking, Retail and professional services are spending in this technology at scale says," Ritika Srivastava, Associate Market Analyst at IDC Asia/Pacific. In 2019, Asia/Pacific* spending on AI systems will be led by the Banking industry with 10.7% share of the total, followed by retail with a 10.2% share.
From machine learning and AI right through to securing the IoT, here are five things we learned about at this year's event, which took place in Lisbon on October 14. Have you ever thought about how many decisions machines have made today? Or how many of those decisions were based on gender, race, or background? Chances are you don't even realize just how many decisions are made by artificial intelligence instead of a human. Kriti Sharma, Founder of AI for Good, explained that algorithms are being used all the time to make decisions about who we are and what we want.
Study: Intelligence AI chatbots are four times more effective at selling products than inexperienced humans. First impressions make a big difference in business. It turns out that's not only the case for human-to-human encounters, but also for interactions with chatbots. Artificial intelligence (AI) chatbots are four times more effective at selling products than inexperienced workers, according to a new study. However, if customers know the conversational partner is not a human, they are curt and purchase less.