Year: 2021

Find the Best Platform to develop web applications

Know the best web development platforms (AngularJS, NodeJS, Ruby on Rail, ReactJS, ASP.Net) for developing fast, scalable, and simple web applications.

Businesses have to keep their finger on the pulse of the latest trends in the ever-changing tech landscape.

Businesses have to keep their finger on the pulse of the latest trends in the ever-changing tech landscape.

With web applications permeating every industry, savvy companies have been looking for ways to secure their slice of the pie. And when it comes to building a web application — no matter how complex or large — picking a web development platform is a decision with far-fetching outcomes as it makes up the backbone, the linchpin that holds your application together.

It can be very challenging to choose the right web development platform for your next web development project as a vast range of frameworks or programming languages are introduced to the world with a varied framework architecture.

Frameworks and programming languages ranging from open-source to paid technologies, the options are pretty powerful and at times slightly confusing also.

Let’s check out some main challenges faced in picking the best web development platform:

How do you know what are the best development platforms?

Source: Google

Choosing the right platform for your web app project maybe being quite challenging as developers face the following stumbling blocks:

-User Experience

User experience is a great feature, and the Platform should possess a perfect balance between user experience and coding sophistication for web application development.

Sometimes, the developers miss out on the UX/UI part and focus more on the developing (Coding) part, which can cause lousy web app development.

-Framework Expertise

Frameworks are known as the foundation of all development languages, providing web app development with collections of coding functionalities.

Framework resolves the problem of having to code everything from scratch and reinvents the wheel every time, saving a lot of time and improving application performance.

However, developers must have extensive knowledge of a given web application platform to use it and maximize its potential.

-Scalability

Companies always look up to the web application platform that can scale up the needs of a growing business without compromising speed and performance.

-Security

Security is among the most important factors for web applications as cybercrimes are increasing every passing year. To stay away from them, you need to have a good website with good security.

To encounter cybercrime, developers have to choose a web application platform that meets the set security standards and gets regularly updated.

How to choose a Web Development Framework:

Source: Google

It’s pretty hard to choose a web app platform or web development framework. However, the right web developing platform framework can turn out to be quite amazing with multiple options.

To ensure that you have made the right decision, focus on the following three critical components while exploring what the market has to offer:

-Goal Of The Organization

To select the best Platform, it is the main thing to understand what exactly you want to do or your aim with it as it helps make the process and development easy and you become sure about the Platform.

Your goals also shape the core design features along with the technical functionality. You can also hire web programmers from web app development companies to help you achieve the organization’s goal.

-Your Technology Stack

The technology stack you choose should have a handful of tools in the kit to address the specific problems you are trying to solve with your web application.

For example, if users cannot scale, there is no need to optimize your application. Instead, adhere to industry-standard regulations and retain documentation for future troubleshooting.-Team

Finding the best appropriate team for your project is half the battle. For internal projects, find out early on the qualifications of your development team and choose a framework that you are comfortable working with.

When you outsource the project, you must opt ​​for a team with a wide range of coding competencies. With this approach, whatever framework you choose, your contractors are more likely to have an expert on the equipment who can handle it.

With this in mind, let’s review some of the best web application development platforms to choose from.

Let’s Check out the best Web development Platform:

1. AngularJS

Source: Google

AngularJS is a fundamental JavaScript framework for developing robust web applications. This framework was developed by Google & released in 2009. Angular is so good that many well-known organizations like Netflix, PayPal, Upwork, and many more uses this JavaScript Framework.

AngularJS is what HTML would have had to have been designed for applications. HTML is a great declarative language for static documents. However, it doesn’t contain much in app building.

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1. How Conversational AI can Automate Customer Service

2. Automated vs Live Chats: What will the Future of Customer Service Look Like?

3. Chatbots As Medical Assistants In COVID-19 Pandemic

4. Chatbot Vs. Intelligent Virtual Assistant — What’s the difference & Why Care?

Advantages of Using AngularJS

• You can quickly turn HTML based documents into dynamic content
• Data analysis
• Great business support
• Two-way data binding
• Responsive web applications

Disadvantages of using AngularJS

• Difficult to learn
• Challenging to render on old devices
• Unsuitable for developers unfamiliar with MVC.

You can hire Web Programmers who have good command in AngularJS so that the application they make can become beneficial for the organization.

2. ASP.Net

Source: Google

ASP.Net is an excellent Framework for custom web application development built by Microsoft and released in 2002, and it is a perfect platform to create dynamic and scalable desktop applications.

Many companies worldwide prefer Asp.net and deem it the most suitable technology in website development.

ASP.NET makes it easy to use XML for configuration, data storage, and manipulation, and we use ASP.Net extensively to build interactive, data-driven web applications over the internet.

Advantages of using ASP.Net

• Easy to deploy
• Deep integrations with the Azure cloud
• Impressive language support
• Third-party control features
• Suitable for cross-platform development
• Two modes of compilation
• Follows the MVC design pattern
• Easy to update

Disadvantages of using ASP.Net:

• Expensive
• Limited server selection options (nothing except the IIS server)

3. Node.JS

Source: Google

Node.js is an open-source server environment that works on various platforms(Windows, Linux, Unix, Mac, OS X, etc.). Node.js utilizes JavaScript on the server.

Node.js is among the most preferred web development platform of its rich library of several JavaScript modules that helps in analyzing web development to a greater extent. Moreover, many companies hire web programmers for running a web application as it possesses many features.

Advantages of Node.JS:

• Large community
• Easy to learn
• Easy scalability
• Highly extensible
• Known for Offering High Performance
• Support of Large and Active Community

Disadvantages of Node.JS:

• Performance bottlenecks with heavy computation tasks
• Callback hell issue
• Immaturity of tooling
• Growing demand for experienced professionals

4. React.JS

Source: Google

React is an interface library used to produce stateful and reusable UI components. It enables developers to build great web applications that can change data without reloading the page. You can also hire web programmers to develop an application based on react framework from custom web app development companies.

The main motive of using this web development platform is to build a fast, scalable, and simple application. Also, It is a front-end library, and it does not completely implement the MVC template.

Advantages of React.JS

• Reusable components
• Easy to learn
• It comes with a ReactJS Toolkit
• Performance and testing

Disadvantages of React.JS

• Poor documentation
• It only covers the UI aspects of the app.

5. Ruby on Rails

Source: Google

Ruby on Rails can also be referred to as RoR. Ruby on Rails has become one of the top favorites for web app development. Ruby on Rails is entirely free and an open-source platform that runs on Linux.

This platform is quite quick and can help you with the development process to get on to the development stage. RoR is mainly known for developing sites like Hulu, Airbnb, Basecamp, and many more.

Some Advantages of Ruby on Rails:

• Easy to learn
• Open-source
• Extensive libraries
• Easy to scale
• Object-oriented
• Minimal coding required

Few disadvantages of Ruby on Rails:

• Slow boot speed
• Supports multithreading

Conclusion:

Many Companies always get confused in choosing the best web development platform. They always have the same question, “Which software is best for app development?” So I have tried to cover all the essential aspects, including the developing process and the frameworks that can be useful depending upon the type of application you want to develop.

Sometimes, the company wants to develop an application based on the platform on which they don’t have expertise. For such cases, you can hire web programmers and take web application development services.

Don’t forget to give us your 👏 !

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Know the Best Platforms To Build Web Applications was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.

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The best service a bank can offer to its customers is one that’s meaningful, engaging, and personalized. Chatbots in banking have huge potential for customer engagement. It gives customers 24/7 access to support and banks can make great use of AI and improve customer engagement to enhance the experience and improve retention.

In fact, you can easily measure the ROI of chatbots by conducting a survey, collecting feedback, and getting a sense of how happy and satisfied your customers are. All in all, we can say that customer engagement is crucial for every business. It is crucial in every domain that you visit and chatbot in banking is not far behind.

These are promising numbers and show great credibility in AI. It clearly illustrates how chatbots can improve customer experience in the banking sector.

There is, however, one condition that even tech experts recommend. If a bank wants to incorporate a chatbot, then they must try it out internally to understand how reliable and compatible the technology is with their services before deploying it.

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Customer engagement chatbot in banking

Once banks make the decision then comes the time to decide how reliable it will be for the customers. Additionally, banks have to measure the ROI of building and managing a fully functional chatbot. While numerous companies are suggesting that chatbots have helped them save a substantial amount of money, in the end, what matters is how well the bot can manage and engage customers. The key here is not only to save money but to provide a seamless experience.

After all, the banking industry doesn’t need a half-baked self-help customer software. It will only lead to unresolved customer issues that will come back to a customer support executive. So what would be the point of having a chatbot, right?

Good that we are in an exciting time, witnessing all kinds of technological advancements. As a result, banks are also leveraging this fact and trying to integrate with chatbots to increase efficiency.

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Source: PwC

Pain-points in the banking industry

• Long waiting times
• Inconsistency: Different customer service agents give different answers (41%)
• Customer service agents don’t know the answer (34%)
• Can’t find the answer on the website (31%)
• An exponential increase in the number of new applications

Many of them can be resolved with the right implementation and will bring better customer satisfaction. Hence, better business results with lower operational costs and better customer retention.‍

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4 reasons why banks need customer engagement chatbots

1. Pushes Information

If you were wondering why I shared my bank statement misery right in the beginning, here’s why — Instead of sending out emails and SMSs for statements, upgrades, policy changes, etc., and leaving the customer bewildered rather than intrigued, banks can automate the entire process through personalized push notifications sent via chatbots. This can end with — “Want to know more?” — to which a customer can say — ‘Yes’ — and find everything there is to know, at one single place.

A simple, “Hey, your salary is in. Go have fun!” sounds way more pleasant, encouraging, and personal than, “Your account XXXX has been credited.” What more reasons do we need now?‍

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1. How Conversational AI can Automate Customer Service

2. Automated vs Live Chats: What will the Future of Customer Service Look Like?

3. Chatbots As Medical Assistants In COVID-19 Pandemic

4. Chatbot Vs. Intelligent Virtual Assistant — What’s the difference & Why Care?

2. Answers Queries

Bank executives primarily have 2 jobs:

• Sell plans
• Solve customer queries (and eventually use it as leverage to, guess what, sell more plans)

Do selling plans generate revenue for the bank? Yes. Does solving customer queries generate revenue for the bank? No.

Banking chatbots can take over the mundane, non-revenue-generating tasks and support multiple customers at the same time. Moreover, every time there is a change, chatbots need to be told only once, unlike training executives repeatedly to ensure that they deliver the right message.

Eg: Swedbank’s Nina takes care of service calls while the employees do the sales calls to add more value to the company.‍

3. Saves Time

As much as we hate to admit it, we have time but it’s never enough.

A new visitor must be saved the hassle of going through the bank’s entire website to find 1 piece of information. An executive doesn’t have to entertain queries when a chatbot can do it uninterruptedly without getting bored, seeking motivation, taking breaks, or demanding an appraisal.‍

4. Builds Economy

On one hand, I was ravaging my hard-earned money, and on the other:

• BOA’s chatbot, Erica, used by 25 million users, was assisting its customers to invest and save taxes
• Wells Fargo’s chatbot was guiding its customers to the nearest ATM
• JPMorgan’s COIN was evaluating complex legal documents for its customers with chatbot analytics
• Barclays Africa’s chatbot was extending its services to Twitter and Facebook Messenger for better connectivity
• AmEx’s chatbot was checking up on its customer’s account balance, upcoming bills, purchase history, spending habits, and financial reminders

The bottom line is, chatbots automate tasks, whether simple or complex. What’s important is that enterprises develop bots using a platform that is capable of developing both. With a truly enterprise-grade chatbots development platform, the possibilities of what a bot can do are endless. Such platforms could turn out to be the real holy grail of customer service excellence for both customers and bankers. Global banks are embracing AI technology and are excited to make it a part of their digital strategy in the long run.

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10 ways chatbots improve engagement in banking

Banking chatbots are emerging as the preferred customer support platform. It is useful for financial service providers because they facilitate 2-way communication with machines using natural language commands. As per the latest data, close to 70% of customers prefer contextual conversations with chatbots. Since they can find answers to their questions much faster and the interactions are much more seamless, they would always pick bots over agents.

Here we discuss 10 ways in which chatbots can improve customer engagement in banking.

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1. Personal banking

Delay in services and lack of personalization are 2 of the biggest problems that most of the customers face today from the bank. However, times and things have changed now. Banks are opting for chatbots to create a personalized banking experience. Banking bots are reducing the waiting time and other related paperwork. As a result, customers get faster and personalized services that save a great amount of time for both parties. The customers no longer have to visit the bank every time they need an account of their expenditure. Now chatbots can effectively provide the required account statements to the customers.

Banking Chatbots can also provide useful information that is related to the latest bank schemes, KYC, and resolve customer queries. The best part is that customers don’t have to wait for someone to attend to their queries. Chatbots are already trained to manage these queries and provide relevant support.‍

2. Automated customer service

Banking bots are proving to be extremely helpful in providing seamless customer service. In fact, chatbots are also helpful in analyzing data, detecting fraud, and capturing data. Automation enables the chatbot to inform the user about every transaction to prevent any form of miscommunication or mismanagement. This helps in preventing any kind of fraud by identifying possible discrepancies right from the initial stage. Users are always on top of their account activities because they receive notifications simultaneously. The bots can assist the customers at any time as they are trained to grasp their queries and provide the best possible solution, simultaneously making them feel like they are interacting with a human.

The bots also aid the banks to address any customer complaints by analyzing the grievances of the customers and providing important insights. They also help the banks improve their services. It is also essential in improving product offerings.‍

3. Clear customer feedback

Customer feedback is one of the most important elements of any banking service. Intranet-based chatbots help banks get more specific customer feedback. It can help them improve their services. The staff can gain information about the shortcomings and the management can offer helpful solutions. This further improves the experience and increases efficiency. This indicates that the situation is favorable for employees, management, and customers as they all are in a much better position at work.‍

4. Personalized marketing experience

Even though banks provide a plethora of services to their customers, not every service can have the correct taker for it. Thus to provide the customers with personalized services, banks can accomplish this particular goal by deploying chatbots. As a matter of fact, the delivery of personalized services can improve the overall rates of conversion by 25%.‍

5. Enhanced employee productivity

Banking Chatbots have multiple benefits. These benefits don’t just revolve around customer experience but they mean to improve employee experience too. Chatbots help saves a lot of employee time, which they save from automated responses and assistance. With this, employees don’t get worn out by repetitive, monotonous tasks. As a result, their efficiency increases and they become more productive.

Some of these repetitive and monotonous activities include accessing personal details, maintaining a record of payroll details, applying for leaves, updating the contact information, performing a detailed review of time-sheets, and other tasks. Once chatbots automate these tasks, banking professionals have more time to concentrate on important deals. They will not get worked out and this way, their productivity will increase. As a result, they will be able to better serve customers and improve their experience.‍

6. Quick information about customer finances and advice

From end customers of the bank to CXOs, customers of different banks come from a diverse range. Chatbots are proficient at providing all sorts of financial information and are also capable of keeping this information safe and secure. In fact, chatbots provide this information with much contextual context and insights for greater knowledge. With this, we now embrace conversational banking and view chatbots as new-age banking executives.

Banking bots can also advise customers on how to manage and invest their money. Professionals train them enough so that they are updated with the latest news, trends, and information. Chatbots can demystify complex banking and financial terminologies and help customers make smart financial decisions.‍

7. Easy KYC initiation

Customers no longer have to fill up the same kind of form every time they visit a bank. Banking Chatbots will enable simple and easy transactions with just a few clicks on finger impressions to ensure that these transactions are safe.‍

8. Chatbots for assisting fraud detection

Whenever a customer signs up with a bank, they trust the bank with their hard-earned money. So, banks must ensure extra care to maintain this trust. Chatbots act as helping hands in sending you to push notifications proactively. These automated programmed notifications keep you updated about transactions done on your account in real-time. If it’s a fraud, you can also reply to the messages with pre-customized instructions to stop the transactions.‍

9. Chatbots in banking increases and improves customer sessions

You may also get unsolicited marketing messages from chatbots. If you find it irritating, you can simply shut it out with ease without the fear of hurting anyone. A chatbot is not a human that carries a grievance or grouse. The good part is, the chatbot can do a good analysis of your customer sessions, read your likes and preferences, and proffer the right products and services. Chatbots can be useful to spread word of mouth to customers.‍

10. Increases brand loyalty

There’s a lot of pressure on banks to retain and grow their customer base while up-selling, cross-selling additional products and services. There’s a demand for convenience and innovation, but oftentimes when customers come face-to-face with this innovation, it feels like they’re interacting with an entirely new platform and instills a feeling of mistrust. So to put brand loyalty back into banking and to counter these issues, many institutes have adopted AI chatbots.

AI chatbots drive innovation in a controlled manner. They build brand loyalty by engaging with customers on the channels they prefer slowly finding a place in the customer’s daily life. It’s comparable to how modern customers interact with friends, family, and colleagues. Banking chatbots can also create personalized brand experiences that increase acquisition, conversion, retention, and loyalty.‍

Build a successful customer engagement chatbot for banks

Features to implement for banking chatbot‍

• Current Balance inquiry
• Transaction History
• Locate nearest ATMs and branch based on the user’s location or zip code entry
• Transfer Funds
• Customer feedback and measurements
• Switch to categorized hotlines for exceptions
• FAQ — Customer Service Queries across Categories

These are just some of the basic ones that we currently target. There are many more that can be implemented to provide for an always-available intelligent interface for a customer to transact on to fulfill their banking needs. AI in banking can be extremely beneficial to reduce service volumes to more automated channels.‍

Consider security

Banking and financial services deal with a lot of sensitive customer data, so security has to be a top priority when building a chatbot. You need to communicate how you’re protecting your customers and how you’re ensuring their privacy. Consider deploying an on-premise chatbot to avoid data breaches and enabling authentication systems when building your chatbot.‍

Do more with chatbots

What if your AI chatbot can remind you about important bank payments? Periodically inform you about the state of your budget? Suggest how to save money? Inform you about financial products that are best fitted for you? Provide an investment portfolio update? Deliver important, time-sensitive notification?

This banking bot infographic designed by Engati will give you a quick view of how you can not only save your time but also provide you a better customer experience!‍

‍Banks that have adopted customer engagement chatbots

1. Qatar Insurance Company

Another major BFSI company, Qatar Insurance Company (QIC), uses an Engati chatbot to increase customer engagement, drive sales, and create amazing customer experiences.

Check out their video testimonial‍

2. Bank of America

Erica, derived from the word America was introduced by the Bank of America. It is used to give information about the account balance, send various notifications to the customers, provide updates, share credit reports, suggestions, pay bills, and help customers in completing their transactions.‍

3. JPMorgan Chase

JPMorgan Chase uses chatbots to improve its back-office tasks. The chatbot can perform better than a human law executive for analyzing long-format legal documents and assist.‍

4. Wells Fargo

Wells Fargo uses Facebook messenger as well as AI chatbots to respond to user queries. It provides information like which is the nearest bank ATM and their account balance.‍

5American Express

American Express focuses on the merchant relationship by making them aware of the benefits of a credit card, contextual recommendations, and notifications regarding the sales. To avail of the benefits, customers must connect to the AmEx messenger chatbot.

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Create a banking chatbot with Engati

The revolution with chatbots in banking has been incredibly phenomenal. Banking chatbots are not just providing excellent customer service but are improving the way customers interact with banks. In fact, chatbots are revolutionizing the way banks provide their services to customers.

Banks put a great amount of value on customer support because it’s a huge driver of customer satisfaction. They need to rank ahead by providing great products and services, brand recognition, trust, cost, and innovation.

Additionally, chatbots for the banking industry are doing great in ensuring cost-saving for banks. It is estimated that problem resolution over the phone with live agents comes out to be anywhere between $5 and $35 per call. On the other hand, live web chat costs around $3 per interaction. Pretty cheap and efficient, isn’t it?

Chatbots that use human-to-machine interactions cost less than $0.50 per interaction and often deliver answers much faster than other engagement channels. Beyond being a less expensive engagement channel, chatbots also reduce — at a bare minimum of 10 percent — the number of support calls and chats a bank receives.

Therefore, there’s great promise for banking chatbots. In fact, banking officials want to collaborate more with AI specialists to ensure great service for their customers. After all, it is about faith and trust when it comes to your money. And banks want to improve how you manage and invest your money

Build your own contextual chatbot now!

Don’t forget to give us your 👏 !

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10 amazing ways chatbots can improve customer engagement in banking was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.

Here are 5 reasons why

The current market is like a sea. And if the customers are fish, the companies offering their products are fishermen. And since the number of fishermen grows constantly, they are looking for new ways to lure fish into their nets. And that’s where artificial intelligence joins the game. AI is not only a great tool to help companies to attract and keep new customers, but more importantly, it offers customers a new level of accessible, pleasant, and personalized service.

The release of a new product is often preceded by a marketing survey. Its task is to observe the target audience and its needs. Today, however, it rarely happens that a marketer stops you on the street and starts asking questions about which notebook or kind of soap you use. The process of data collecting has mostly moved to the telephone and internet world. And that is where AI virtual assistants like chatbots and voicebots are increasingly working.

Here are 5 reasons why entrusting your marketing survey into the hands of AI may not be a bad idea.

Reason #1: AI is safe and professional

There are a couple of reasons why the use of virtual assistants in marketing research means more safety. The first one is most valid during present times affected by a coronavirus. AI makes completely contactless surveys easier for both sides. The other reason is that a virtual assistant is the most pleasant interviewer to share your information and opinions. Whatever you say will not make the conversation unpleasant or provoke a mocking reaction. As Tomáš Malovec, the director of Born Digital startup, which develops virtual assistants says:

“AI remains professional in all circumstances. And the information you provide is nothing but data to it,”

Reason #2: AI is a great help to its human colleagues

Artificial intelligence doesn’t mind doing the same activity over and over again every day, which is good news for business owners and human operators. Their AI colleagues handle the most routine calls and surveys instead of them and allow others to focus on more complex parts of their work. After the data is collected, a good virtual assistant can also create necessary marketing reports, which usually cost marketers a lot of their valuable time.

Reason #3: AI takes care of the secondary marketing research

The essence of secondary marketing research is to work with data that is freely traceable. This is a mechanical and time-consuming activity. And that’s why companies often welcome the opportunity to entrust it to artificial intelligence. It can easily find its way around the enormous amount of data offered by the archives of the media and government institutions. AI then extracts only those data that are essential for marketing research. All for a fraction of the time and cost that secondary marketing research would otherwise cost.

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1. How Conversational AI can Automate Customer Service

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Reason #4: AI is an unexpectedly good conversation partner

A virtual assistant for marketing research is not a slow automaton with a monotone robotic voice. “Thanks to artificial intelligence, these assistants can have a fluent conversation with people, answer their open questions and move the survey forward. Besides, they have a pleasant voice and are constantly learning and improving,” Malovec described. AI can remember the hundreds of ways a conversation can take during a survey. And it can still learn new ones.

5th and biggest reason: AI improves customer satisfaction

While new kinds of jobs appear across the industries, some current positions are replaced by machines. And it’s good news for customers that in the field of marketing research, those machines are more and more often equipped with artificial intelligence. “Thanks to their pleasant voice, professional approach, speed, and accuracy, virtual assistants are miles ahead of other technologies for digitizing communication, such as interactive voice response machines,” adds Malovec. They are also more consistent in routine tasks and sometimes even friendlier than their human colleagues because they do not mind asking the same questions all day or being rejected.

And while it may seem that the first four reasons have little or no impact on customer satisfaction, they all help to build the environment, in which the customers always receive complete and helpful service, which will make their life easier. And as research shows, the use of AI does not only help the companies, but it mainly improves the satisfaction of customers.

Don’t forget to give us your 👏 !

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Conversational AI helps companies to know their customers better was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.