Typically, 30% of senior management time is spent on operations and other miscellaneous tasks. Out of this 30%, 60% is taken up in getting the desired metrics from MIS/IT team/multiple departments and follow-up on the same. Chatbots can reduce the time spent by CXOs on operations and provide readily available information quickly, thus allowing them to focus more on strategic business objectives.

I just got out of a meeting at SRI International, where representatives from both SRI and international banking group BBVA showed off something they've been working on for the past couple of years. Currently, SRI is best known as the research institute where Siri was developed before spinning out into a separate company and eventually being acquired by Apple, where it powers the Siri feature on the iPhone. SRI and BBVA have been collaborating on a new project, Lola, which they're pitching as a successor of sorts to Siri. Bill Mark, SRI's VP of Information and Computer Sciences, calls it "the next generation personal assistant". In this case, that personal assistant technology is being applied to a specific industry -- banking.