Conversational platforms have introduced a paradigm shift in how humans interact with the digital world. For businesses, they are fostering a personal connection between users and the brand that’s ultimately adding value to the customer service.
In the massive influx of technologies, Artificial Intelligence (AI) has proven its potential with some disruptive solutions. With rapid unfolding of positive possibilities that AI can bring in, it has been revolutionizing the way businesses team up with technology, irrespective of the domain.
“By 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. By 2021, more than 50% of enterprises will spend more per annum on bots and chatbot creation than traditional mobile app development." -Gartner
The digital landscape has changed remarkably over the past decade. Almost every business, irrespective of the industry is realizing the digitization benefits and embracing it as well. With this, digital data is generated, faster than ever. In fact, some of the industries are at a point where manual data analysis is a next to impossible job. This has driven the rise of Machine Learning (ML), which is the ability of machines to analyze big data and extract information, just like humans do.
Chatbots are revolutionizing the customer service space. These stand-alone conversational interfaces that utilizes messaging platforms or apps for conversation are predicted to change the quality and pace at which customer service is rendered. With this, chatbots are not just an innovational window for customers but also a way for businesses to save hundreds of dollars (with fast and automated response rate).
Natural Language Generation (NLG) is a subdivision of Artificial Intelligence (AI) that aims to reduce communicative gaps between machines and humans. The technology, typically accepts input in non-linguistic format and turn it into human understandable formats like reports, documents, text messages etc.
With online shopping being the most popular activities worldwide, the eCommerce sector is expanding by leaps and bounds. Amazingly, a recent study by Business Insider suggests that as much as 85% of customer interactions will be managed without a human by as soon as 2020.
The accelerated market hype around Artificial Intelligence has made it a buzzword of almost every industry. Businesses, irrespective of their industry are interested to invest in the potential of AI to automate, assist, and augment various value-based tasks.
Technology is disrupting every industry, in the most significant way. And today, it is impossible to shrug off technology’s ability to let us live longer, healthier lives. From smart hospitals to surgical robots, we could see digital healthcare system transforming the patient care, pronouncedly.
The AI impact on capital markets has never been profound as it is in the present times. AI has certainly taken the finance world, especially banking and investment services by storm. Artificial Intelligence is a suite that comprises of a set of tools- like machine learning, natural language processing, deep neural networks etc. that are impacting almost every industry, in the most efficient way.