Day: May 9, 2017

Exactly a year ago, Mark Zuckerberg had said that people will be able to talk to Messenger bots just like they talk to friends. Since then, there has been a lot of chatter about the evolution of chatbots and how these automated computer software programmes will make our job easier. Presently in the world, messaging apps have become the easiest and most effective form of communication. In this age, chatbots, powered by Artificial Intelligence (AI), has become the key method customers interact with business.   Chatbot is the newest kid in the world of tech. Chatbot is just like your personal customer service assistant. And, everybody (read: big, small and medium-sized companies) is obsessed with it. From booking dinner reservations, ordering flowers to renewing insurance policies, chatbots have certainly made our life manageable, easier and productive. What is a chatbot? According to ChatbotsMagazine.com, “A chatbot is a service, powered by rules and sometimes artificial intelligence that you interact with via a chat interface.” You can explain your needs via text messages and chatbots, powered with AI, will help you to organize your life in a better way. And the best part is: the user does not have to download and install an app. All he/she needs to do is type some text and they will get answers instantaneously. From WeChat, Slack, Kik, Telegram to Facebook Messenger and Amazon Alexa, bots are becoming the main interface between humans and machines. Chatbots have surely become the biggest thing in the world of technology. 2016 saw the evolution of chatbots in the business world, especially companies dealing with a huge database. Though chatbots are still in the early stages of adoption among the masses, however, the way chatbots are influencing the tech world; it’s only a matter of time that the masses and businesses become increasingly dependent on this computer software programme. According to a report (Humanity in the Machine) from media and marketing services company Mindshare, 63 % of people would consider messaging an online chatbot to get in touch with a brand or business. Yes, that’s the enormous power of chatbots today.   Biggest players such as Facebook, Google, Amazon, Apple, and Microsoft are already in the race of chatbots. Microsoft tested its new AI chatbot, “Zo”, in December 2016. Understanding the disruptive potential of these chatbots, several companies across the globe are jumping onto this bandwagon of ‘chatbots’ and provide interesting services to customers. Today, intelligent AI chatbots use machine learning so that the chatbots can understand the reference and perform much more intricate tasks than what a bot does.  AI-powered chatbots are not only helping consumers save time at work. They have given a huge thrust to the digital ecosystem, especially when it comes to e-commerce advice, automated customer support, and conversational experiences.   Phil Libin, managing director at General Catalyst is all praise for bots. “Within a few years bots will be in the fabric of everything,” he had reportedly said.   Evolution of Chatbots Chatbots aren’t new. They have been in existence since 1966, when an MIT professor, Joseph Weizenbaum, developed an AI agent named ELIZA. In the early 2000s, Chatbot Smarterchild became popular when it was made available on AOL Instant Messenger and Windows Live Messenger (previously MSN Messenger). As mentioned, 2016 was the year when the world started taking chatbots seriously. Today, chatbots are giving tough competition to mobile applications. According to an article in engadget, chatbots are new-age mobile apps. Businesses all across the globe are investing heavily in the chat economy. And with the exponential rise in AI, tech companies are hell bent to develop functional and interactive bots to engage with consumers in a superior and effective way. Chatbots can be found on platforms: WeChat Facebook Messenger Kik Telegram Apple iMessage Slack SMS In a recent survey by Oracle, 80% of business owners stated they want to implement chatbots by 2020. So, what are the main factors favouring chatbots? Chatbots are always available unlike customer care executives, which work on hourly basis. This results in better customer interaction and increases the brand’s engagement with the customers.   Businesses can use chatbots to engage in one-on-one conversation with countless customers via messenger Unlike a mobile app, you don’t need to download a chatbot. Just search for a chatbot from within a messaging app and start chatting. Hence, it reduces the number of apps on your phone. Developing a chatbot is less expensive and hassle-free in comparison to developing an app for a business The simple and easy interface makes chatbot easy to use Depending on the relevant data collected by the chatbots from the customer, the business owners can customize messages for the potential consumers, thus achieving higher conversion rates Chatbots can help you streamline the operations of your business, analyze customer data and improve marketing and sales. Chatbots can be useful to promote new products by notifying the customers. Though this hottest young technology is still finding its ground, it goes without saying that today large brands and also small businesses are rolling out chatbots to streamline their working operations. Here are the 5 key sectors where chatbots are creating maximum hullabaloo: Banking and finance Travel and hospitality Restaurants Healthcare Ecommerce Chatbots in banking and finance   The banking and financial sector is one of the earliest adopters of chatbots. From handling everyday payments, balance enquiry and updates, history of transactions to the renewal of insurance policies, fraud redemption, and money transfers, AI-powered chatbots have moved out of the labs and is redefining the financial and banking operations. With chatbots, the banking and insurance officials can have a more effective customer engagement. Also, the work force replaced by chatbots can be employed for other crucial activities in the banking sector. In March 2017, Next Insurance launched their first chatbot for Facebook Messenger. This definitely benefitted the small businesses to buy insurance via chatbot. Next Co-Founder and CEO Guy Goldstein, was quoted saying, “70% of our customers are buying insurance on their phones. Enabling