An organization or individual can use a bot to replace a repetitive task that a human would otherwise have to perform. Bots are also much faster at these tasks than humans.
Normally, bots will operate over a network. Bots that can communicate with one another will use internet-based services to do so such as instant messaging, interfaces like Twitterbots or through Internet Relay Chat (IRC). In general, more than half of internet traffic is bots that interact with web pages, talk with users, scan for content and perform other tasks.
Bots are made from sets of algorithms which aid them in their designated tasks. Tasks bots can normally handle include conversing with a human which attempts to mimic human behaviors or gathering content from other websites. There are plenty of different types of bots designed differently to accomplish a wide variety of tasks.
Chatbot will operate on one of multiple methods of operation. A rule-based chatbot will interact with people by giving pre-defined prompts for the individual to select. An intellectually independent chatbot will make use of machine learning to learn from human inputs as well as watching out for known keywords. AI chatbots are a combination of rule-based and intellectually independent chatbots. Chatbots may also use pattern matching, natural language processing (NLP) and natural language generation (NLG) tools.
- Faster than humans at repetitive tasks
- Time saved for customers and clients
- Available 24/7
- Organizations can reach large numbers of people via messenger apps
- Bots are customizable
- Improved user experience
Chatbot in Banking Service:
Case study - AI Enabled Customer Service:
- Conversational Banking
- Provide suggestions on Wealth Management, Financial Planning by keeping record of income & expenditure
Improve Efficiency & Reduce Workload:
- Virtual agent serving customers continuously round the clock
- Handling all queries and also channelize to the right agent if necessary
- Simplifying banking operations by bringing “banking at your fingertips” and manage all basic banking services
Customers can ping and get the info quickly as response which can be related to personal accounts or some banking queries
- What is my account balance?
- Can you transfer $100K from my account to Philips? (For critical transactions, it could ask some security questions to complete it)
- How much I spent totally in Walmart last month?
- Can you ask your agent to call me for my financial planning?
- What is the procedure to lock my card if I missed it?