As AI and machine-learning tools become more pervasive and accessible, product and engineering teams across all types of organizations are developing innovative, AI-powered products and features. AI is particularly well-suited for pattern recognition, prediction and forecasting, and the personalization of user experience, all of which are common in organizations that deal with data. A precursor to applying AI is data -- lots and lots of it! Large data sets are generally required to train an AI model, and any organization that has large data sets will no doubt face challenges that AI can help solve. Alternatively, data collection may be "phase one" of AI product development if data sets don't yet exist.

As AI and machine-learning tools become more pervasive and accessible, product and engineering teams across all types of organizations are developing innovative, AI-powered products and features. AI is particularly well-suited for pattern recognition, prediction and forecasting, and the personalization of user experience, all of which are common in organizations that deal with data. A precursor to applying AI is data -- lots and lots of it! Large data sets are generally required to train an AI model, and any organization that has large data sets will no doubt face challenges that AI can help solve. Alternatively, data collection may be "phase one" of AI product development if data sets don't yet exist.

Improve the customer experience and reduce costs. Then you know nothing about the chatbots and their potential in the financial industry. This solution can not only elevate your customer care service but also automate some routine tasks, help your employees, attract new clients, increase leads, etc. So, it's expected that the systems will save over $8 billion annual bank costs by 2022 according to the report by Juniper. Besides that, Gartner predicts that about 85% of user interactions will be held by the chatbots.

Keeping users around is not. Since Facebook Messenger bots launched at F8 in April 2016, over 30,000 bots have been created. Major brands like ESPN, Star Wars, and Yelp have released apps on Apple's iMessage. Microsoft, Google, and Amazon have all heavily invested in platforms for bots and conversational and voice experiences. Pandorabots, one of the oldest chatbot platforms, boasts over 285,000 bots made by over 225,000 developers.