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Category: Chat
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Why banks need to embrace Conversational AI … quickly …
Why banks need to embrace Conversational AI … quickly …
Hey Bank! Listen! Do me a favor and just get a chatbot to talk to me. Enough of the long waits, unending IVR menu items, and dumb customer support agents
-A frustrated bank customer
For customers, dealing with banks once meant visiting the branches, waiting in line and getting the work done. But in this digital age, websites and mobile apps are the go to communication channels between customers and banks. This has made it very easy for banks to reach their customers and have enabled customers to have their financial information at the click of button. This shift in communication channels has led to customers expecting quick, delightful and personalized experiences from the banks.
Banks and Financial institutions have always been slow in adopting the latest technology and hence are falling short of customer expectations. They are also missing out on an opportunity to build a relationship with their customers through efficient and cost-effective digital channels which would lead to higher customer LTV(Life Time Value). Financial institutions need to stop waiting for customers to approach them and rather become proactive and start interacting with customers to build better relationships.
The easiest way for banks to engage with customers and build long lasting relationships is to use CONVERSATION. Customer Support chatbots and Smart Assistants are the tools that can automate customer support and also provide delightful customer experiencesChatbots? Virtual Agents? Smart Assistants? RPA? Find out the difference here
Banks need to embrace AI-powered chat software (chatbots and virtual assistants) to engage customers through familiar text and voice based interfaces. These virtual assistants are programmed to solve common customer queries and guide them with various processes and procedures in a conversational manner. These interactions can be done over well known channels like FB messenger, WhatsApp, IVR and many others.
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What are the benefits, you may ask. Here are a few
- Improved customer experience — Virtual assistants provide consistent support to your customers, 24×7
- Greater reach — Virtual Assistants provide delightful customer experiences through the channel of their choice be it voice or chat
- Low maintenance — Virtual Assistants need not be monitored continuously and can be updated easily using a chatbot platform (Check out the Smartbots Platform )
- Higher Productivity — Virtual Assistants handle common tasks so that human agents can concentrate on complex tasks at hand
- High self-service rate — Virtual Assistants are designed to resolve customer queries without human intervention
- Greater Customer insights — Virtual Assistants provide insights about customer queries & requests leading to greater engagement, relationship & loyalty
Conversational AI and chatbots in Banking are redefining how banks talk to their customers by making two-way communication possible. Today’s customers expect exceptional digital experiences. AI-powered Virtual Assistants not only ensure automated, delightful, personalized customer experiences but also provide useful information and insights that prove to be a great advantage for the banks.
Check out Smartbots.ai to start your journey with enterprise Conversational AI
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Why banks need to embrace Conversational AI … quickly … 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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Can New Voice Assistants Compete Against Google, Amazon, and Apple?
Orange chose to quit selling its Djingo keen speaker, and it didn’t get a lot of notice. However, it is believed to be critical. It shows…
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Legal chatbots are empowering law firms to automate routine tasks and simplify customers intake…
Legal chatbots are empowering law firms to automate routine tasks and simplify customers intake process
Role of Technology in the Legal Industry
The legal industry has undergone a significant transformation over the last decade and will continue to grow at a significant pace. Several law firms across the world are expected to increase their annual investments in legal technology. For instance, the year 2019 witnessed an increase in legal tech investments, which surpassed $1.2 billion.
Digital transformation is changing the face of the legal industry by creating several opportunities for law firms in terms of global market expansion, remote working, customer experiences, social media marketing, and much more.
Legal firms are also emphasizing on migrating to the cloud for assisting their IT departments in terms of agile working, improving security, and data storage. This shift towards the cloud has empowered lawyers to work flexibly from any location and any time of the day.
Legal tech — Easing the practice of law for lawyers and paralegals
Legal tech refers to the set of technologies that can significantly change the way of using legal services. Major technologies uplifting the legal industry include Big Data, AI, Cloud, RPA, IoT, and Blockchain, among others. These technologies are enabling law firms to better serve their clients as well as internal employees. Majorly, law firms are looking towards legal tech for enhancing productivity, reducing costs, and boosting customer satisfaction.
Few advantages of technology in the legal industry include:
Reduced risk of errors
Increased transparency
Improved customer service
Higher convenience
Enhanced employee engagement
Better resource management
The sector is showing a growing interest in legal AI solutions, which has the potential to transform the practice of law and streamline work processes. The trend is expected to continue in the coming years with several AI applications, including chatbots and virtual assistants being adopted by legal professionals for augmenting the workflows.
Legal Chatbots — A solution to get ahead in a fast-changing legal environment
AI-enabled chatbots are evolving rapidly and are creating unprecedented opportunities for law firms to optimize their work processes. Law firms are utilizing conversational AI tools majorly for streamlining and augmenting legal services offered to clients. However, Law firms are also deploying chatbots for simplifying monotonous internal tasks done by attorneys or partners. Deploying these AI-enabled chatbots is a smart and effective way to relieve the legal department from the tedious and time-consuming administrative tasks, allowing them to focus on billable tasks.
Legal chatbots, being available 24/7, offer instant support to attorneys across channels and eliminates the need to call or email to support staff. Chatbots are enabling attorneys to ease the access to legal source materials from any device and at any moment of the day.
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Legal chatbot benefits for law firms
Chatbots will continue to play a significant role in digitally transforming legal firms and enhancing overall business processes. These legal chatbots are helping law firms in different ways, which include the following.
Automated processes:
Chatbots and virtual assistants help lawyers in managing their daily routine tasks of scheduling meetings, processing titles, and other odd jobs, which were earlier done by junior attorneys. Chatbots provide law firms an opportunity to effectively use their resources and cut down the chances of errors.
Generate and review legal documents:
Chatbots have automated several in-house legal tasks that were earlier performed manually by lawyers. Chatbots help attorneys and partners to create the filled-out documents based on their data inputs. These chatbots are enabling lawyers to focus more on other complex issues, resulting in an enhanced pace of operations.
Legal research:
Chatbot provides lawyers an updated and revised laws as well as regulations to ease the research and maintain the necessary knowledge and skills. Attorneys and partners are leveraging chatbots to easily look for relevant documents while working on a particular case.
Due diligence purposes:
Due diligence is one of the primary processes that an attorney needs to perform on behalf of their clients. It is often a tedious and time-consuming process where an attorney thoroughly assesses a legal situation and confirms facts and figures. Here AI-enabled chatbots can automate and speed up this process by conducting a comprehensive investigation. These chatbots can review hundreds of documents and ask numerous questions to unveil key information and produce a full report for attorneys.
Time tracking:
A chatbot gathers all the information from attorneys to fill up timesheets and create comprehensive reports. These reports are further used by account teams for billing purposes. Chatbots eliminate the inaccuracy in billable hours and allow attorneys to calculate the effort being spent on each client for estimating the potential future efforts.
A robust, secure, and incredibly intelligent platform for creating chatbots KLoBot — Offering partners and attorneys great value
KLoBot is enabling law firms to create a new legal culture that is data-driven, customer-centric, process-oriented, collaborative, and transparent. Chatbots built on the KLoBot platform empower law firms to streamline the internal processes and upgrade the attorneys, partners, and associates experiences. These chatbots act as a personal assistant for attorneys to easily lookup for a client- and matter-related information.
KLoBot-enabled legal chatbots can identify and analyze the complex issues, which need human support. With KLoBot live agent handoff capabilities, chatbots can seamlessly transfer those complex queries to live support agents. The transition from chatbot to human agent helps attorneys to get accurate and in-depth responses.
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Legal chatbots are empowering law firms to automate routine tasks and simplify customers intake… 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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Massachusetts-based startup AdmitHub raises $16 million for AI-powered education-focused chatbots
Boston, Massachusetts-based startup AdmitHub, developing an education-focused chatbot platform aimed at boosting student enrollment and graduation rates, has raised $16 million in a Series B round led by Rethink Education. The organization, which additionally reported it will be rebranding as Mainstay, plans to put the assets toward growing its labour force and securing new training clients.
For more Insights, Link
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Voice Assistant Use Case Banking, Finance and Insurance Industries
It is researched that 46 percent of US citizens use voice assistants. Observing the strong presence of voice assistants, banks, financial, service and insurance (BFSI) firms have actively adopted enterprise voice assistants for both internal (employees) and external (customers) purposes. It is said that JP Morgan &Co is enabling its clients by allowing access to research and analytics reports through voice chatbots. Also, twelve thousand field agents to be powered by voice assistant’s capabilities, states Mark Madgett, the New York Life Insurances VP.
These are some of the banks and financial firms, allowing usage of services through voice assistants:
- Capital One Financial Corp. uses Amazon Alexa services (first American bank to get a voice assistant)
- New York Life Insurance uses Amazon’s Alexa
- JP Morgan uses Amazon’s Alexa
- Ally Bank uses Amazon’s Alexa
- American Express uses Amazon’s Alexa
- National Australia Bank uses Google Home
- Garanti, a Turkey bank uses a mobile voice assistant
- Santander Bank has its own mobile app voice assistant Voiceprint app
- HDFC is about to get Amazon’s Alexa
- Paypal is Siri enabled
Users can inquire about their account balance, latest transactions, fixed deposits, recurring deposits, loan balance, etc.
With a smart assistant, funds can be transferred in just two easy steps, making it the quickest among all interfaces. For added security, an additional step for O.T.P. verification can also be included.
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Keeping track of one’s upcoming due bills can be tricky. A voice assistant can help users keep track of their bills, remind them of their due date and help them pay without any hassle.
Through voice assistant, you can increase the outreach of your promotional rewards. Customers will be inclined to check the offers on a voice-first interface because of the ease of access.
Getting account statements regarding credit and debit transactions is something people need from time to time. With a smart assistant, users may ask for statements for any desired timeframe and the results will be directly emailed to them.
Do more than just banking. Users will also have the option to recharge their mobile phones and D.T.H. accounts hassle-free.
Customers traveling abroad rely on forex services. They can check for currency prices, get to know foreign exchange rates, and get information about forex cards, all this without visiting a branch.
Interest Rates are a crucial factor for someone looking to make a long-term investment. This will be possible with an A.I. assistant on their desk, users will be able to check for interest rates on F.D., R.D. and other schemes whenever they feel like.
A smart investment strategy is a prudent strategy. A smart assistant can help the user give sounds investment strategy, conversations may also be guided to inform the user about the different loan schemes.
Users will have the option to make service requests like requesting a new checkbook, hotlisting credit or debit cards, etc.
Users will be able to access services related to their Demat account like account balance, stock prices, portfolio status, etc., and will even be able to give trade execution commands.
“Sixty-six percent of US adults use voice assistants or chatbots, and 87 percent are aware of the technologies. 21% of US adults use voice assistants or chatbots to perform e-commerce tasks like paying bills or online banking.”
Catch up to the customer trend to stay live in your business. If you are still confused or willing to have more knowledge on the use cases/applicability of voice assistants in the BFSI space, talk to us on Voxogenic.com for a free consultation.
If you are looking to build any kind of conversation apps that works through Voice and Chat, please feel free to drop us an email at contact@voxogenic.com
We have expertise in designing and developing Voice applications on Amazon Alexa & Google Home and Chatbots for platforms such as Website, Mobile Apps, Facebook, Twitter, Slack, Line, Skype, and many more.
To know more about us you can visit https://www.voxogenic.com
Voxogenic | Amazon Alexa Skill Development Agency
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Voice Assistant Use Case
Banking, Finance and Insurance Industries was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story. -
What is Aws Chatbot- a Quick Brief !
What is AWS Chatbot- a Quick Brief!
You all are quite familiar with the term “chatbots,” and it is highly popularizing among digital businesses and even big market players. Getting to a basic understanding- “drive from chat robot allows high engagement conversational experiences through text and voice which can be personalized and used on multiple devices and platforms.”
With the advent of technology like artificial intelligence, machine learning, deep learning, updates such as text to speech, automatic speech recognition, and NLP that simulate human conversations can now be found in multiple businesses to improve customer service workflows and even other administrative areas.
AWS Chatbot- a Quick Brief!
So, now here’s the pick! AWS Chatbot, amazon’s cloud computing arm, was launched on July 24, 2019. A little buddy who slides into your Slack and Amazon chime channels and informs you of all the issues with your AWS resources.
AWS Chatbot is an interactive agent that makes it easier and simpler to monitor, control, and interact with your AWS resources in your channels, such as Slack and Amazon chime chat rooms. A chatbot in AWS lets you send alerts, run commands to return to information, and create AWS support cases.
Moreover, AWS Amazon with a chatbot helps manage the integration between your slack channels or chat rooms and AWS services to help you get started with ChatOps faster. This technology is relatively easy to use and access; with just a few clicks, you can initiate the working and start receiving notifications and commands in your chosen platforms or chat rooms. This will help you save a lot of your time, and your team doesn’t have to switch contexts to collaborate smoothly.
Also, the chatbot in aws helps you to stay updated, collaborate, and respond instantly to events, CI/CD workflows, budget, security findings, and other essential alerts for applications running in your AWS profiles or accounts. If you are someone who’s into retail and want something to automate your administration activities then you must learn Conversational AI- at your tips with BotPenguin.
The chatbot in AWS helps you stay updated, collaborate, and respond instantly to events, CI/CD workflows, budget, security findings, and other essential alerts for applications running in your AWS profiles or accounts.
AWS Chatbot helps facilitate interactions delivering important notifications from users to systems. That’s why most teams prefer operational events, and notifications come via chat rooms where the entire team can see them and discuss the next steps of working.
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As an AWS Chatbot is in beta and supports notifications from the following services:
How does AWS Chatbots work?
We will discuss the working of chatbots in AWS by discussing the main functional areas that it performs.
Commands
Here are the steps for you to understand more precisely.
- Slack: the user sends a command from a slack channel and instantly receives a response from an AWS Chatbot.
- AWS Chatbot: then, after that, the chatbot runs the command against and a w s service with the IAM role associated with the channel and returns a response to Slack.
- At last, you get control over AWS services seamlessly.
Notifications
- AWS services release events and notifications, which is by publisher.
- After that, Amazon SNS sends notifications to AWS Chatbot.
- Now chatbot in AWS formats notifications to make them easy to read and understand and sends them to Amazon Chime chat rooms and other Slack channels.
- Finally, users receive chat room notifications in the chat rooms and Slack channel, whichever they choose.
So, that’s how the whole working.
Top Benefits of an AWS Chatbot
Now, let’s look at some of the top benefits of integrating chatbots in AWS. And they are as follows:
Real-Time Notifications
Having a bot for AWS Amazon will let you send pre-selected, event-triggered alerts to your Slack channels or Amazon Chine chat rooms. It enables you to keep up with things and be aware of the operational activities or events that you care most about. With this, you won’t miss out on anything and let you make the right decisions.
Quick and Easy Setup
We already discussed how easy it is to use a chatbot in AWS. Setting up this bot in your channels or chime chat rooms is easy and fast. You can be ready within a few clicks and minutes.
Instant Response
An AWS Chatbot enables you to assign commands from your channels and facilitates collaboration, supporting your team with quick responses to numerous events without any further delay.
Defined Permissions
Moreover, a chatbot enables you to set permissions easily and precisely. You can also take support via pre-defined permission templates, making it seamless and easy to tailor for your business or organization’s needs.
Retrieving Diagnostic Information
This bot supports read-only commands for most of the AWS services (mentioned above). Hence, it is simple to reclaim diagnostic information about Slack’s resources on mobiles and computers. With this benefit cum feature, your team can evaluate and analyze events faster by regaining the lead in real-time, in a pre-selected centralized location to let everyone know at the same time. Moreover, you can also initiate workflows by entreating Lambda functions or creating AWS support use cases with a command from Slack.
What about the AWS Chatbot Pricing?
If you are not sure about the pricing structure of using a chatbot in AWS, then you need not worry because we have an answer to clear all your doubts. There are no additional charges for this feature or tool to deploy. You only have to pay for the underlying services of AWS, such as Amazon Simple Notification Services, AWS Security Hub, AWS GuardDuty, and more.) so, by just investing in these, you’ll be able to use AWS chatbot also within a few clicks.
In case you are using this set of services or any of them without having a chatbot. Then also, there are no additional fees and no required upfront commitments. Hence, you can leverage these smart tools without any further efforts.
Conclusion
As you have a deep understanding of AWS Chatbot so, to sum up, it expands the interaction tools that your business team, which already uses every single day to collaborate or coordinate to work for the more significant goals. Hence, I walked you through the features, benefits, and pricing of the bot to work precisely. Even if you have a business, you can also deploy a bot into websites and enjoy similar benefits. To let you give you the right path, you must visit “BotPenguin.”
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What is Aws Chatbot- a Quick Brief ! 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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What are Voice Bots? Difference between Chatbots and Voice Bots — BotPenguin
What are Voice Bots? Difference between Chatbots and Voice Bots — BotPenguin
A chatbot, whether text-based or voice-based, plays a crucial role for businesses in communicating with their prospects. Communication is essential and can be done at any point in time to induce a feeling of satisfaction and being heard in the customer’s mind. Moreover, people can interact with ease and convenience, which adds up one more reason for having a bot into systems. These communication methods have their own perks and drawbacks but are undoubtedly the two famous and biggest tech trends currently. It has been estimated that around 80% of businesses have automated their support services in some and other ways. Bots are playing immensely in the digital marketplace and responsible for the rise in demand for advanced speech recognition technologies; voice bots are gaining fast traction to become the most adopted customer self-service tool and way. Deloitte’s research says that about 75% of companies plan to invest in automation technologies such as artificial intelligence (AI) in the coming years. Moreover, chatbots and voice bots will free-up call center employees from routine tier-1 support and other repetitive tasks. Today, we will have a detailed discussion over the voice bot and chatbot.
Voice Bot- A quick brief
A voice bot is an AI (artificial intelligence) powered bot that is NLU (natural language understanding) based on having a voice channel that converts audio to text format. AI and its branches help these bots understand and recognize the key markers in the speech and settle the best response to a dialogue (text-based). Hence, the TTS (text to speech) engine then converts the input or response into audio to complete the communication. This type of voice ai trained enough to perform the entire speech understanding and response process in a human-like manner. We can also call them voice assistants or voice chatbots. It is considered an intelligent and smart way of interaction that can be easily deployed into numerous devices such as- IVR, chatbot, self-service, and more. Some of the popular voice bots are Google Assistant, Alexa, and Siri, with whom people interact almost daily and find them very engaging and useful at the same time. To know which is the best, then read this- Alexa vs. Siri vs. Google Assistant-which is better?
What are the Benefits of Deploying a Voice Bot into a Support System?
To let you understand more precisely, now we will discuss the features of using voice bots in business systems and UI interfaces.
Voice Feature
Being one of the most natural modes of communication between humans, having a voice bot will let you get brownie points when implemented over websites. It is one of the ways which offers lots of ease and fun at the same time.
Seamless and Smooth Experience
With the innovation of smartphones and the advent of technology, the traditional way of calling or touch-tone has become obsolete and quite tedious. Hence, a voice ai a simple, impressive, and natural alternative to conventional DTMF. voice bots
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Flexible Deployment
Another exclusive benefit of voice bots is that these can be implemented on multiple platforms without any hindrance. You can coordinate with a wide range of support service tools such as CRM, knowledge base, and self-service. Moreover, it can also be run over social media platforms. Nowadays, voice chatbots are highly coordinated with smart speakers such as Google Home, Amazon Echo (Alexa), which are becoming pervasive in everyone’s home today.
Ideal for a Broad Prospect Base
As a bot offers support on behalf of any brand or business and helps get a brand a mass appeal makes it perfectly suitable for growing a customer base immensely. Moreover, even a non-tech savvy audience base can also use a bot without any confusion or hindrance. And let you target every corner of the marketplace. In case older adults who aren’t habitual of texting can easily convey their issue and or need via voice bot quickly. Eventually, reaching a wider audience and letting your customers connect with you without any delay or barrier.
Challenges to Overcome while having a Voice Bot in your System!
#1. Clean Dataset
Any AI or machine learning system needs a clean and annotated dataset to be trained precisely and make it best for further use. Depending on the type of language, domain, and domain, it possibly becomes a challenge to train the bot.
#2. More effort in Training
Time invested in training a voice ai bot can dissuade its implementation. To make it smart, you need to act upon problematic areas and require human intervention to handover the conversation. Moreover, it might need constant training for distinct scenarios.
What is the Distinction Between Chatbots and Voice Ai Bots?
With the growing number of companies and upcoming trends as per the needs and urge to improve and grow at the same time, I started deploying chatbots to offer better customer service today. They can initiate a human-like conversation via chat-based or voice interfaces. They streamline the customer journey and reduce the contact density. One of the Juniper research studies suggests that chatbots are expected to support cost-savings of more than $8 billion annually by 2022, especially banking and healthcare sectors. The high adoption rate and increasing popularity of chatbots is a forerunner to voice ai bot’s pervasiveness. The most significant difference amongst them, however, is that the voice bot inputs can be made entirely hand-free, without the need to type the text manually. And you all know how it works! And sooner, it’ll be found everywhere.
Let’s discuss the metrics to consider when choosing b/w Chatbots and voice bots!
Ways of Conveying Information
The first metric to compare is how a bot can convey the information. In a chatbot, users can look at multiple images, texts and compare the products easily. Hence, they are more effective, especially when it is an e-commerce store or website. On the other hand, a voice-enabled bot can only communicate sonic information. And the chat is more impactful with numerous elements such as texts, images, gigs, and much more. But in some current scenarios, a voice would work amazingly better than a chatbot when it’s about playing your favorite music while driving or at home!
Ability of Transmission!
Looking/glancing is considered the fastest way of grasping anything. Listening is slightly slower, and then reading comes as the least engaging way! But it also depends on the platform and industry type. While talking about voice or chat, voice can convey a lot in less time, and in chat, you need to write long sentences to get all your information correctly.
What all you offer for a User Journey!
If you have a linear user journey and not many paths included, then a voice would be a perfect choice. There are several options- Choosing from a menu, comparing options, and chat is much better than voice. With carousels and quick choices, you need to remember and read to answer correctly. Thus, the potential paths you need for customers to go will decide the bot type.
Conclusion
AI is rapidly revolutionizing the customer service experience, and the types of bots are making the ways more feasible and seamless at the same time. So, it’s on you which one to choose. So, are you prepared to adopt a bot? If yes, you can take support from BotPeguin to have an intelligent chatbot within a few minutes and at no cost.
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What are Voice Bots? Difference between Chatbots and Voice Bots — BotPenguin 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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Flow Diagram Software
Hi guys!
Can you recommend me a flow diagram software for chatbot dialogue flow? Any info would be appreciated.
Thank you!
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Help for Noncoder
Hello, is there a way if you can build a chatbot and auto liker for this app called “Wizz Make New Friends”? And also, can the chatbot have conversations with people after you teach it phrases and interactions, and can the auto liker automatically swipe to the right? I’m just wondering if you can do this because I use this app to grow my social media, but since I am not a coder, I don’t know how to haha! If anyone can do some type of explanation/tutorial, I would appreciate it a lot!
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