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Year: 2021
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How Are Chatbots Effective in the Banking Sector?
credit appinventiv.com Do you know what irritates the customers when they visit their nearest banks? It’s their poor customer service. Clients want their queries to get resolved soon, but long response time and lack of free operators make them switch from one bank to another. If you want your customers to stick with you, you must ensure that you provide them excellent customer service. One way banks can deliver exceptional customer service to their clients is through chatbots.
Chatbots are known for boosting customer experience and, at the same time, helps bank staff in automating their routine work so they can focus on other important work. With this, they attract more new customers. It’s all because now chatbots have emerged more mature and secure. Before, chatbots only deal with customers’ predefined questions. But, now, advancement in Artificial Intelligence technology has transformed these bots into digital assistants.
To aid our readers more in this regard, let’s dive into this article and dig out more about how chatbots are useful in the banking industry. But, before that, let’s first discuss the role of chatbots in the banking sector.
Role of Chatbots in the Banking Sector
The following mentioned below are some of the most significant roles of chatbots in the banking sector:
- Cost-Effective: Chatbots are a one-time investment, and that cost is less than hiring a digital assistant in person. Like other separate apps, chatbots need less coding, which means low cost and is also supported by a wide range of platforms.
- 24/7 Support Center: The 24/7 support feature of the chatbots attracts the customers the most. All those banks that support this feature can hold their customers for a more extended time.
- Provide Suggestions on Financial Matters: Some banks are now using advanced bots to access customer data. These bots track how much the customer spends, manages their budget, and sets spending limits. Such bots also offer recommendations for money management. Isn’t it great?
- User-Friendly: Compared to other traditional apps, chatbots are user-friendly, easy to use, and offer a personalized user experience. There’s no download process while using chatbots. All this is because of AI and ML technology.
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Five Effective Uses of Chatbots in the Banking Sector
With the progress in AI technology and the conversational approach, chatbots can now communicate with customers. Like any other sector, there are several practical uses of chatbots in the banking sector as well. Here, mentioned below are some of them. Let’s discuss them one by one.
Chatbots Supports Essential Banking Activities
The advanced chatbot helps the customers manage the necessary banking activities such as EMI installments and collect the loan payments within the chat window. This function is the most effective use of chatbots in the banking sector. Your clients appreciate you for having someone who deals with all such work and is present around the clock at any time. Moreover, chatbots allow customers to make transactions, pay an invoice, and even apply for a loan by communicating with a bot.
Chatbots are known to handle transactional activities, and they securely do this job. They don’t make any errors while making transactions. Isn’t it great? You should take care to test your chatbot solutions before you make them live to avoid any further inconvenience.
Personalized Banking
Gone when customers visit the bank and the first thing that annoys them the most was waiting in long queues and personalization. For this reason, many of them switch from one bank to the other. But, with the arrival of chatbots, there’s much ease in bank employees’ and customers’ lives.
Chatbots offer a personalized banking experience to their customers. The customers don’t have to visit the banks quite often to inquire about their account balance, update their credit card details, know about the latest schemes, and get the monthly statement. Chatbots do all these tasks. It saves much time and leads to a higher customer experience level and more business productivity.
The bank statements and credit card bills have a PIN code, which only you know, and you can access the main document after entering the main document. Banks take this initiative because of the increasing threat landscape and prevent different kinds of cybercrimes and social engineering techniques like phishing. Thus, it is the customer’s responsibility to set a complicated password to break by any malicious agent. For a more secure browsing experience, while they use their banking services, users can use a VPN service that makes them anonymous over the web and encrypts their data traffic.
Chatbots Improves Customers Onboarding Process
Banking chatbots also help customers in filling out application forms for different purposes. Be honest, and answer. Don’t customers get frustrated when they witness that the entire application form process is time-consuming? Of course, it is. Many customers often complain about this to the bank manager, but all in vain.
But, with AI chatbots, this problem can get fixed. The AI-based chatbots offer help in requesting the customers for the needed documents and images at the time of form filling. The customer onboarding process brings new opportunities for businesses to enroll in more new customers. While this process through chatbots results in higher usage rates, which is a plus point for the banking sector.
Measuring Customer Satisfaction
Nowadays, the majority of people use mobile banking apps. No doubt, these apps have their worth and are also in need of time. The biggest drawback of these apps is that it’s impossible to get customers’ feedback about your service. Users usually open the apps when they need them and close them once the work is finished. You can’t figure out your services, and either they need improvement or customers are satisfied with them or not.
But, with chatbots, there comes a solution as well. Chatbots offer specific tools that ask the customers for rating their services. The AI chatbots by asking questions like; was this conversation helpful for you? identifies the users’ behavior patterns. They gather massive user data about their moods, preferences, and behavioral patterns. In this way, banks get a chance to improve their services and introduce new ones if needed. Their main aim is to provide users a more personalized approach that leads to more conversion rates.
Improves Customer Service
For customers to stay loyal to your brands, it’s essential to take care of customer needs and demands. Both business growth and customer relationships go hand in hand. At times, customers do face issues about fixed deposits or transactions. In such a situation, all they need is a quick response. Before, it wasn’t possible, but with the emergence of chatbots, customers now receive satisfactory responses to their problems that, in a nutshell, are proof of improved customer service.
As mentioned above, the most significant chatbots feature is that they are available 24/7 to provide solutions. It’s most welcoming from customers’ perception as well. Suppose a customer has lost their credit/debit card, and he needs to block it urgently. They don’t have to wait to visit the bank for this. The AI-powered chatbots provide them quick help in this matter.
Final Thoughts
To sum up, most organizations think that deploying chatbots risk their employees’ jobs. This is a big misconception. Chatbots are there to assist the employees. They automate most of their routine tasks and allow them to focus on other vital tasks. This not just saves much time but also brings more business opportunities.
The banking sector is now shifting more towards the adoption of chatbots. There are several benefits of having chatbots in the banking sector. Chatbots engage clients, save their time, and improve the customer experience. Moreover, they’re available whenever you need them. They have come out as a versatile tool that is improving the banking sector in many ways.
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How Are Chatbots Effective in the Banking Sector? 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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[QUESTION] Bot Builder for an undergraduate CS student
Hi everyone, for context I am doing taking an undergraduate CS course and need to build a chatbot to address a problem in either medical, food, disaster or education domains. I have been advised by my lecturer to use a chat-bot builder such as Verbot, Sequel, Chatfuel and other similar builders. The chat-bot should be an expert system to address problems in these domains. So I will need to map a knowledge base and prove that there is information exchange between the bot and user as well as some learning capabilities.
As a chat-bot novice, I have no prior experience with chatbots, but I do have C,C# and python programming experience. I would really appreciate it if you guys could give me advise on how to choose a beginner friendly chatbot to help me. Also there are no restrictions on platform integrations for my project 🙂
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Chatbots for Learning: Ways to Gamify Chat-Based Learning Environments
Chatbots for Learning: Ways to Gamify Your Chat-Based Learning Environment
Chatbots have been steadily gaining attention for their cost- and time-saving benefits in customer service and sales support roles. With the correct application of chatbots, businesses are able to automate repetitive tasks and optimise their operational processes, while simultaneously creating a positive customer experience.
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List of Best Finance Chatbots from around the World
Finance chatbots can provide support anywhere in the world to any user. They are available 365 days a year and can answer a question 24/7, solve common issues quickly like, resetting a password, managing transactions, or finding the nearest open office. Chatbots can handle multiple requests at a time. They decrease user waiting time and resolution time. Chatbots save 4 minutes per inquiry as compared to traditional call centers.
Here’s a list of Best Finance Chatbots :
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How to create and use a tradebot and use my trading? | Info for trading
As an investor/trader, I wanted to access the information of the stock quickly and buy/sell quickly. However, often trading is not the…
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5 Best Resources for learning NLP — Natural Language Processing
5 Best Resources for learning NLP — Natural Language Processing
“You don’t understand anything until you learn it more than one way.” — Marvin Minsky
Natural language processing provides ability to the machines to understand and interpret human language. This is one of the subdomains in Artificial Intelligence.
The power of natural language processing has changed the way we interact with the devices around us. It has let us interact, search, order a machine the language humans use in day to day life. NLP has applications in almost every domain Medical, E-Commerce, Defence etc., The widespread adoption of this technology has lead to rapid development in the recent times.
In this article, I will list out 5 major resources to get started with NLP.
Before we begin, There are some pre-requisites in order to understand the following materials.
- Python
- Calculus, Linear Algebra, Basic Probability and Statistics
- Foundations of Machine learning
1. Stanford CS224N
The first and foremost resource would be the lectures by Stanford. This course starts with the basics, word embeddings. Neural networks, Backpropogation, Dependency parsing, Language models, RNN, seq to seq, Attention, Transformers. It is a perfect resource to get started as it gives strong foundations about all the topics.
Course Link: https://web.stanford.edu/class/archive/cs/cs224n/cs224n.1194/
2. Deeplearning.ai NLP Specialization on Coursera
This course focuses more on application based learning. Various tasks like sentiment analysis, Question Answering, Translation, Summarization, Chatbots are covered. This is a more structured specialization. The specialization is divided into four courses. Specialization requires you to subscribe. But if you take the courses separately you can audit the courses and access the contents.
https://www.coursera.org/specializations/natural-language-processing#courses Following is the list of four courses
Course 1: Natural Language Processing with Classification and Vector
Course 2: Natural Language Processing with Probabilistic Models
3. Dive into Deep learning
Dive into Deep learning is a Deep learning Textbook. It has end to end concepts about Deep learning and a specialized section for Natural Language Processing. Chapter 14 and Chapter 15 cover the NLP Topics from basics to advanced.
Most impressive thing which I liked about this resource is that the code snippet is provided in three frameworks Tensorflow, pytorch and MXnet. This helps a lot when you want to understand the implementation in any of the frameworks.
http://d2l.ai/ Textbook link: http://d2l.ai/
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4. Blog posts by Jay Alammar
Jay Alammar has written very expressive blogs about various concepts about Machine learning and Natural Language processing. The Illustrate Transformer is the best resource to understand the Transformers Architecture. There are various well illustrated blogs on Word2Vec, BERT, GPT2, GPT3.
5. Natural Language Processing Fundamentals — Datacamp
This resource is best for learning the concepts by coding, rather than just going through the materials. Regular expressions, NER are the highlights of this fundamental course along with interactive coding IDE.
DataCamp Course Link: https://www.datacamp.com/courses/natural-language-processing-fundamentals-in-python
Having the right resources to learn at the beginning is very important. Since, many a times we end up spending a lot of time sticking to a single resource and then giving up without completing it.
Proper resources motivate you to learn more
I hope you will find the resources handy when you are getting started or looking to learn a new concept in NLP.
Don’t forget to give us your 👏 !
5 Best Resources for learning NLP — Natural Language Processing 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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Putting Text on Image Using Python — Part I
Putting Text on Image Using Python — Part I
Computer graphics teaches us how a pixel on a screen can be manipulated to draw beautiful shapes, artistic typography, eye-catching illustrations, ‘make-me-look-good ‘ photo-filters, and a lot more. Hardware manufacturers, researchers, software developers work together to build great products: smartphones, smartwatches, smart TVs, cameras all with the study of computer graphics.
Despite the fact that computer graphics has evolved so fast and the development of software like Adobe Photoshop, Adobe Illustrator, Sketch has made our lives easier to a great extent, we still cannot generate images on-the-fly with them. In order to do that, we’ll need to reach a level where there is no drag and drop, no fancy select-all-make-bold keyboard shortcuts, no cropping, and no copying-pasting.
And we cannot get there by time-travel, but surely with code!
Getting Started
Come along, open your favorite text editor, follow me and I’ll help you draw dynamic text data on images. I assume you have Python and pip installed on your computer, but if not, follow the steps in the links to set up the development environment. After you’ve done setting up, from the shell, execute the below command to install Pillow(more details here)and its dependencies.
As you now have installed all dependencies, let’s move forward and write some code. Pillow is an extensive library, but for our purpose, we’ll be using the following classes:
- Image: to create an image object for our greeting background
- ImageDraw: creates a drawing context
- ImageFont: font of the text we will be drawing on the greeting
Let’s take the following background image and initialize it with the following code:
Code:
# import required classes
from PIL import Image , ImageDraw , ImageFont
# create Image object with the input image
image = Image . open ( ‘background.png’ )
# initialise the drawing context with
# the image object as background
draw = ImageDraw . Draw ( image )
For creating ImageFont objects we also need font(ttf, otf) files. You can use any font of your choice, here I’ll be using the Roboto font which can be downloaded from the Google Fonts GitHub repo .
# create font object with the font file and specify
# starting position of the message
message = “Happy Birthday!”
color = ‘rgb(0, 0, 0)’ # black color
# draw the message on the background
color = ‘rgb(255, 255, 255)’ # white color
image . save ( ‘greeting_card.png’ )
With some fonts, you might have to pass an optional parameter encoding which tells the ImageFont module which encoding to use while opening the font file.
Computer graphics have an inverted coordinate system, the here represents the distance of the text box from the left origin(0, 0) that lies at the top-left corner of the image. x(x=0) and y represents the distance from the top (y=0).
While you save the image, you can pass optional parameters like optimizeand quality to control the size of the output image.
image.save(‘optimized.png’, optimize=True, quality=20)
This generates an output image optimized.png with reduced quality but smaller size.
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Where Are We Using Pillow With Python?
While at work, I recently developed a feature that demanded the creation of a leaderboard image on-the-fly, with user-specific quiz score data. And just with a few lines of code, I was able to create an image like this:
Haptik Weekly Quiz Leaderboard
Voila! It looked great and we decided to use the idea of creating images on-the-go, for other use-cases as well. We currently use Pillow to generate images for Jokes, Motivational Quotes, Horoscopes, Word of the Day etc. in real time, and with data from different API responses.
Haptik Motivational Quote & Word of the Day
The code we used in this post is not sufficient to draw text boxes as shown in the images above. I’ll be writing another post that will focus on text alignment, splitting long text into multiple lines, controlling space between two lines, and more.
Please do give us your feedback if any in the comments section below. Haptik is hiring. Do visit our careers section or get in touch with us at hello@haptik.ai.
Want to develop an Intelligent Virtual Assistant solution for your brand?
Don’t forget to give us your 👏 !
Putting Text on Image Using Python — Part I 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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Spacium Chat
From the random hi-hello’s to the formal work meetings, SPACIUM CHAT is there for all your virtual-connection requirements.
Download the SPACIUM CHAT App today!
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A Chatbot can Promote your business
AI(Artificial Intelligence) & NLP(Natural Language Processing) are the biggest player in this evolving technology, CHATBOT.
No doubt it’s evolving as the backbone for the customer service industry, But surprisingly it moves diversity lead the Tech future into automation in every factor. Brands & Companies realizes sales bot is an incredibly feasible and versatile tool for automation business process. Chatbot Marketing is a way to promote products and services via a bot.
The key things expect from chatbots are:
Get prompt solutions.
Considering their queries instantly.
Guidance and a better knowledge base throughout the process.
A seamless user experience.
AI bots have already touched businesses, from banks and hospitals to real estate and e-stores, and all types and sizes of units. They aren’t just benefiting businesses but also providing support to non-profit organizations and educational institutions. With the chatbots’ innovation, the burden of time-consuming tasks was quickly transferred to an automated system, allowing businesses to serve their prospects better. It is one way to stay competitive in modern-day commerce.
With the right choice of the chatbot development team, you can save lots of money and raise revenue and overall customer support services. The adoption rate of such marketing ways is rising immensely following the dynamic market. Nowadays, customers are quite smart and intelligent and get annoyed with old CSS ways. Thus, it is quite essential to introduce better and intelligent ways to connect with the audience. For more details
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