siliconindia | | September 20189Nowadays, with the advent of the digital trend in India where every service is app-based, we believe that Chatbots are here to stayConsidering the securities market, there are quite a few applications of chatbot for consumer engagement:Easier on the Pocket: To setup a process with a qualified human task force would require a decent invest-ment, whereas a chatbot would re-quire one time core development. Since organizations are slowly warm-ing-up to the concept of cloud stor-age, data archival and maintenance become relatively easy with chatbot's cloud-based solution. Ease of Use: We are looking at cre-ating intuitive platforms for our cus-tomers and we strongly believe that chatbots will have a substantial con-tribution there. One of the greatest feat would be to have customized experience for all customers through chatbots with machine learning at the backend. Investing Advice: Artificial Intelli-gence-based advance Chatbots are great for tracking a customer's in-vestment pattern and provide period-ic suggestions to maximize gains for the portfolio. Also, to provide a 24/7 digital support to customers, a chat-bot becomes essential to provide the comfort of being `always available' to customers. Streamlining Account Opening Process: A chatbot can actually cut through the traditional account open-ing process and introduce digital steps to open account without any human intervention. An intuitive chatbot has the capacity to turn a general query resolution into a legitimate lead, con-verting it into a new account.On a broader note, the following use cases can be reckoned with Chat-bot services:· Ordering products· Customer support· Personal finance assistance· Scale-up operations · Manage multiple customer queries simultaneously and standardized response· Can be used as a guiding tool to find right product and services as per customer's need· Best to service and sell products to millennials· Very helpful in marketing · Highly interactive marketing campaign· Internal query handing for large organisations viz. HR, compli-ance, operations, product training, IT initiativesAll of this is good news for en-trepreneurs and businesses because pretty much any website or app can be turned into a Chatbot. It's a perfect time of BFSI sector to hop into this technology. This will be the best ex-ample of conversational UI/UX (User Interface/User Experience).Is the Indian Market Totally Convinced with the Use of Chatbots? Maybe to some extent, but a large scale adoption is yet to happen and we can expect that in the next few years. But, a chatbot will not follow the philosophy of one-size-fits-all. It will need to be based on AI & Ma-chine Learning to make it `relevant' to customers and query handling. There are though some obvious reasons as to why we haven't seen a full transition to bots as of yet which are:1. Inability to Process Multiple Languages: Multilingual Chatbots are not being as effective as standard English ones. There are some limita-tions regarding the responsiveness. 2. Legacy Services: The legacy set-up of a human answering queries at the other end of the phone is still a favored method of communication in India. We are fighting a mindset here and it will take time for the Indian consumers to warm-up to the digital offerings of a Chatbot. 3. Multiple Conversations: Chat-bots have not displayed proficiency in handling multiple queries at the same time. Though we see that they are quite suitable for certain pre-fed scenarios, they can't quite hold on the grounds of parallel threads of conversations.Nowadays, with the advent of the digital trend in India where every service is app-based, we believe that Chatbots are here to stay. It will be a disruptor and the organizations mov-ing progressively with this technolo-gy will benefit from the first mover's advantage. Chatbot technology in India has limitless applications be-cause of the diverse demographics with varied customer behavioral pat-terns. Once we fend of the limitations, Chatbot can provide elevated levels of user experience and satisfaction. But would that mean the redundancy of service executives? No, it won't. There will always be reliance on hu-man intervention, as all problems will not be solved by Chatbots. However, this technology will free-up some resources so that their intelligence and understanding of business can be used differently ­ mostly in rela-tionship management and assessing customer experience.
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