‘Bots’ is no longer an alien term that raises eyebrows. Bots have not only grabbed the attention of tech giants from Silicon Valley, they have made them agog to explore more about chatbots. If you are not already aware about the upcoming chatbot revolution, chatbots are computer programs that are designed to have a human-like conversation with humans either using text or audio. The tech industry is assuming that bots are about to replace apps, thus putting an end to ‘there’s an app for that’ phrase. Bots are cheaper than apps and they don’t have to rely on the download rate to do their part of work. As bots have an edge over apps, the tech industry has been asking – Why not bot? The chatbot revolution poses a risk to apps. But are apps the only ones that are challenged by the bot revolution? Robots replacing humans has been a topic of discussion since past few years. But, will this question still prevail even when the artificially intelligent bots don’t have a physical form? Absolutely!
Smart chatbot for BFSI industry – What can it do for you?
- Introduction to chatbot – The intelligent assistant
- Capabilities of a smart chatbot
- Current chatbot adoption in BFSI
- Challenges of BFSI industry
- Chatbot use cases in BFSI
- Chatbot demo
Chatbots are already incorporated in some of the prominent messaging apps, which are ubiquitous today. So, it becomes easier for users to start using it right away without having to bother about downloading anything. A lot of people have started using chatbots for ordering pizza, getting information as well as booking a cab. But how do these computer programs become capable of replacing humans, is something worth consideration. It was endurable when robots were replacing blue-collar workers and handled the assembly lines. But as they say, bots are about to replace some of the white-collar employees, a lot of people should know that their jobs are at stake. A bot development company can develop various types of programs that can serve multiple functionalities and thus claim a lot of jobs that were otherwise assigned to humans. Some of the jobs that might be replaced by bots include:
Customer Care Executive
Anyone who has ever called up a customer care number is familiar with the tiresome sound – “Press one to hear the menu, press two to know about the latest services, press three for payment information”, so on and so forth. Even after pressing a series of buttons, one ends up listening to piped music while holding the phone indefinitely. Customer service sector, with the help of a bot development company, can replace these calls with chat. Employing bots to answer customer queries can make it much easier for them, as customers can chat with those bots at their convenience and it doesn’t require holding the phone for hours. Not to mention, 80% of customer queries are repetitive, so it makes perfect sense to make bots address them, as they would never get tired of answering the same question over and over again. Not only can bots answer a specific set of questions, they can also learn over time, thus becoming smarter than they initially were. Bots can replace customer care executives and can give a superior user experience by using personalization. Maybe it’s impossible to replace every human and make the whole customer service sector autonomous, as certain queries may not be answered by bots. But, bots can, without a doubt, replace a majority of customer care executives, thus stealing their jobs.
With bots at your service, your office doesn’t require a human office assistant, not anymore. Bots can do all the errands that an office assistant is responsible for, may it be greeting people or guiding them through the office building. There are bots available in the market, which can monitor the entire office and keep track of office supplies as well. With the implementation of artificial intelligence, bots can not only work in an office, now they can even manage the workplace. Asking the office manager where the boss’ cabin is or for the Wi-Fi password will become a thing of the past as all you’d need to do is text the office assistant bot and get all the information through the chat. The new AI-based bots also act as excellent virtual assistants and can even help you in scheduling meetings.
Accounting being the most excruciating task for any business, leveraging the power of bots to handle accounting and managing financial records can be a smart thing to do. Replacing the traditional accounting process with the help of bots may cost a lot of professional accountants their jobs. Bots can collect information by taking receipts as input and can further turn them into a machine-friendly format. This information can then be encrypted and allocated to a specific account. After analyzing the information, bots self-learn to become smarter and can process similar information in the future. Reports state that accounting and audit are the most suitable tasks that can use bots. If companies are willing to employ bots for handling financial records, professional accountants should be prepped up with their updated resumes.
No matter how hard we try to convince ourselves that bots, which can design websites, can be used as a tool, it won’t hide the fact that they can also act as a replacement for web designers. A lot of people believe that robots, far-flung cousins of bots, which have a physical form are good enough to replace workers on the assembly line. However, when it comes to designing or creating something innovative, people don’t usually trust artificial intelligence with that. There are bots that can design websites along with making changes according to human feedback. Such bots firstly create aesthetic designs for websites and later track the changes as soon as its human counterparts review the design. It doesn’t necessarily mean that bots will replace excellent web designers, but it surely implies that they would replace the ones who are not that great at what they do.
And as soon as you start to think – that’s all bots are capable of doing; they will surprise you by doing more. Bots can permanently take place of travel agents by offering a list of services that any travel agent currently provides. Right from listing a wide range of places to travel and booking tickets to rescheduling entire trips, bots can do it all. One can text the bot to name places according to their specific requirements and the travel bot would come up with cities that fulfill the required criteria, may it be travel budget, weather, or something highly specific. After analyzing all the given options, the user can pick the location that has most of the things from his/her checklist. If your business requires chatbots to increase efficiency or to generate better outputs, you can get in touch with our experts.