Technology is an ever-evolving process that offers sophistication in our daily routines. Starting from smartphones to smart TVs to digital voice assistants we come across various applications of progressive technology. In fact, we can do our tasks either with simple voice commands or text. With the recent innovations, technology has made everything available on fingertips. Artificial Intelligence is the trending technology that has been changing the industrialization at a fast pace.
Digital communication is always changing. Specifically, in online marketing things are moving at a rapid pace and new trends can be born overnight. Today there is a need for new marketing solutions that can create similar interaction rates. A promising contender to fill this gap has risen to the spotlight in the last couple of years as chatbots are becoming many marketers favorite. With their dynamic conversational options, chatbots are the first point of contact for customers and can answer questions, qualify leads and assist customer support 24/7.
Chatbots indeed have the potential to replace the tasks of humans to a lot of extents. Due to Artificial Intelligence, chatbots can pursue and continue a conversation. That is the beauty of modern innovations. According to a report released by Juniper, chatbots will be responsible for over $8 billion per annum of cost savings by 2022. The same website also shares that on an average, a chatbot inquiry saves more than 4 minutes in comparison to traditional call centres.
If you manage technology for a consumer bank you've probably invested time and energy researching conversational banking solutions. You've probably discovered a host of simple chatbot solutions that provide scripted responses to a pre-determined set of highly predictable questions. With these chatbots, deviation from a roster of standard FAQs means human intervention is required to complete an inquiry or task. And this has likely led you to ask a very logical question: What good is a chatbot solution if it doesn't dramatically limit the extent of human labor required to better serve your customers? Fortunately, voice and text-based conversational Artificial Intelligence (AI) solutions driven by cognitive intelligence enable banks to provide personalized, informed interactions.
Allowing customers to check their account balances, review their financial transaction and pay their bills from the convenience of their homes, or offices. A decade later, and as smartphones became the channel of choice for many on the go customers, Mobile banking was born to fulfill the needs of those who need access anytime and anywhere, and although many banks started by just offering mobile-friendly versions of their internet banking channels, the overwhelming customer demand for more functionalities, forced banks to give mobile banking its own identity as a separate channel, developing powerful mobile banking apps with unique functions. Causing mobile banking to become the most frequently used banking channel in many countries around the world. Fast forward to about three years ago, where development in technology and innovation accessible to the banking industry, allowed banks to consolidate their Internet and Mobile banking services into a single platform that allowed a unified user experience across different channels, whether it was online banking, Mobile banking (Mobile Banking apps, Virtual Wallets, etc ..), and even through ATM Services, offering customers a unified, more personalized and on the go experience. Advances in Machine Learning and artificial intelligence (AI), have allowed more and more banking organizations to leverage artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers, and to facilitate two-way communication, and in many instances, replacing channels such as phone, email or text, allowing customers to ask questions or request services using natural language.