How Does Chatbots Help a Business

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As a professional with an experience of around 14 years and a quest for learning new products and technologies I have always wondered how about something -a product, service or to simply put a technology which can make the repeat jobs easier for a business which does the mundane tasks every day of reaching out to a large set of customers .While human intervention is needed but if the interactions with the customers can be automated in case of the same type of query generated/support needed to service the customers it would go a long way in streamlining the process of customer interaction.Herein comes the CHATBOTS

#CHATBOTS

But what are the Chatbots exactly and how do they help a business.Let me explain their benefits and as to why a business should use them.

To simply put #CHATBOTS are computer programs that can have automated and intelligent text conversations with a customer using artificial intelligence and #natural language processing.The segment made a lot a news when Facebook messenger which I use a lot opened up to #bots in April.

From a business perspective whether it be dealing with a particular product or service, if it has enabled itself to work with a chat interface in the presence it has be it on the web or mobile device , #chatbots herein using #artificial intelligence would understand the requirements of the customer and offer them the particular product/service.

#Chatbots are also expected to make the life on a user easier as tedious tasks performed over a long period of time could be prone to errors.For example- filling up of forms and formatting the data or #CHATBOTS could also help a user in locating a salon, a restaurant movie hall according to their needs.Therefore every kind of business needs to have a chat platform these days to interact with the customers and a large percentage of the queries are in fact predictable and hence these can be automated.

As a professional having worked in the e-commerce industry I feel there are quite a number of repeat transactions which can be automated as is the case with travel, hospitality, banking and fin tech industry.

USE CASES -Banks like Kotak Mahindra, Axis and Swiss bank UBS, e-commerce companies which have the same transactions in large numbers and healthians.com-a platform for test at home service uses chatbots for booking their services.#Chatbots are also used in repeat transactions like bill payments and mobile recharges, food ordering, cab bookings.

I expect to see #Chatbots being used in the coming days for flight and hotel booking and in other transactions of services which have a large number of repeat purchases.

While full automation is still a far cry to achieve but with the development of artificial intelligence and natural language processing, the day is not far off when businesses could automate the full process of customer interaction with CHATBOTS across multiple platforms.

#CHATBOTS  #ARTIFICIAL INTELLIGENCE   #NLP .

 

How to make contactless payments through sound waves?

In this era of demonetization , where there is a huge scramble for cash and people are running after banks for withdrawing cash, digital wallets have gained enormous significance and have been talk of the town.

But I always wondered how about a technology which can make contactless payments and I am quite confident that this process of making a payment for my offline purchases is surely going to be in the news in the time to come. This belief has all the more been substantiated by the fact by the following example –

Problem –

I went to a departmental store yesterday for fetching my monthly supplies of grocery and other stuff with the belief that having my debit and credit cards making payment would be hassle free but this was not the case to be.

The worst of my dreams came true when the card swiped in refused to approve the payment to the merchant and thus I was held up at the payment kiosk for quite a good amount of time. To be precise it was exactly 1 hour.

Solution –

It is in this scenario that a contactless payment solution which works on sound waves and that too with no internet required would perfectly be the answer to the problem .

How the solution works –

This solution which works through an app needs to be connected to an user’s bank account or credit card accounts or digital wallets. So there is no need of carrying the cards and swiping them at the payment counters and earnestly hoping that the internet connection is working fine.

In this solution the buyer places their phone near the device at the payment counter of the merchant and receives the bill and then makes the payment through the digital wallet /debit /credit card.

The only challenge in here is that both the buyers mobile phone and the merchants phone needs to be integrated but considering the pain point that the solution is addressing the experience is surely to be awesome one.

I sincerely hope the solution is adopted both at the merchants end and by the buyers to make the entire process hassle free.

ToneTag and UltraCash, both Bengaluru based startups ,have developed this sound based payment solution .

( The article is based on my personal experience at a payment counter & as a solution to the problem)

 

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