IMPACT OF ARTIFICIAL INTELLIGENCE ON CHATBOT
Over the last few years computer has been evolved, where the manual coding has been automated and evolved as per user needs. In today’s trend technology has been taken a revolutionary stage where the computers perform the tasks with certain level of intelligence. Usually, these technology comes under Artificial Intelligence where it utilizes certain algorithms to automate the task. AI has been tremendously used in the areas which involves customer interaction. It paved the way for creating tools like Chatbots, Robo Advisory, RPAs, etc.
In the need of answering customer queries the interaction has been automated by tool called Chatbots. It has exemplary knowledge and skills to ensure that customer get the right information. Chatbot technology is created in such a way that it assumes a unique conversation where it can engage in an environment that emulate human like interactions. But still there is a lot of challenges that technology faces and chatbot communities are working to build up with more responsive system that exactly imitates like human conversation.
The Chatbot service could be ranging from functional to fun and could be part of any major chat product. Some of the areas where these bots are used and its impacts are:
- It helps the customer in navigating through websites when he is lost.
- In online store areas it helps mobile customers navigate their search through outfit possibilities and guide them to align with their purchase desires.
- It also involves in telephonic based conversation where it can engage users on their natural language.
- Helping customers fill up forms. Customers ask relevant queries from a form and the bots respond accurately.
- It is vastly used in the field of Investment/financial planning and suggest various ways to achieve user’s goals and objectives.
AI is one of the important factor for the business to survive in the competitive market. And with the advancement of AI algorithms, where there was a enormous involvement in various fields like search engines, machine learning etc., AI will make industry-customer interactions seamless and will gradually enter other areas of wealth management, making businesses increasingly virtual and eventually it is expected to make a massive change in next few years where the technology like Chatbots is no longer treated as a technology rather the user would feel interacting with the actual human.
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