By now, you'll have interacted with chatbots whether it's doing banking, buying online, getting help for a technical issue or searching for a place to stay through a booking site. It might have been a satisfactory experience or quite frustrating but it's the norm now. The big question is how much more advanced will chatbot technology get and will chatbots eventually replace humans in the workforce? Basically, chatbots are virtual robots that are always at work, never go on leave, never get sick and cost a lot less to have on board than their human counterparts. But, just like the Tin Man in the Wizard of Oz, they don't have a heart and it's highly unlikely that for a long time to come they'll be able to adequately replace the personal touch of a living, breathing human.
By 2020, approximately 20.4 billion devices are estimated to be connected to the internet. These IoT devices are getting smarter, connecting to intelligent applications, such as Amazon's Alexa or Apple's Siri, and helping consumers make transactions and complete tasks. However, they are also sparking conversational AI, and it stands to change customer service. Conversational AI consists of an advanced technology that uses natural language processing (NLP) so that computers can comprehend human language. Conversational AI includes a variety of technologies, such as chatbots, advanced notifications and personal assistants.
Enterprise Chatbots or Virtual Assistants are computer programs that mimic human conversations with real people by using Artificial Intelligence(AI) and Natural Language Processing(NLP). Enterprises are spending more on Chatbot Development as they increase productivity, save time, improve customer engagement and enhance the customer service experience thereby improving ROI. According to a report by Gartner, 50% of enterprises will be spending more on chatbots than on mobile apps by 2021. Chatbots are not new as they have been around for more than fifty years now. The first ever chatbot, named Eliza, was programmed at MIT in 1966.
With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.
Bots will one day sweet-talk their way into our good graces, but that day is not today. Judging from recent debacles such as Microsoft's Tay and the fembots of Ashley Madison, AI-assisted chatbots still have a long way to go before gaining genuine and socially acceptable conversational skills. Just visit YouTube and you'll realize that giving bots an eerily human-like appearance is much easier than granting them the gift of gab. That means you'll have to wait just a bit longer before a real-life version of either Jarvis (The Avengers) or Samantha (Hers) will arrive to stir your intellect or your emotions. Nonetheless, chatbots have certainly made huge strides since they were first used decades ago.