Chatbots: Chat is the new digital communication, targeting customer retention and convenience. Chatbots enable the human resources who would normally engage with the customers /website visitors in addressing routine queries/FAQs, to do more meaningful human intellect kind of tasks. It is a promising actionable dynamic strategy to embed, for success of your business.

It could be the “rules-based” chatbot to serve your visitors and users easily, or natural language processing (NLP) based, more suitable for experienced customers. The corporate world across industries is innovating to evolve chatbots. A chatbot in simple terms is a server-side app that needs to connect with an API in order to function; it automates tasks, and provides service of a wide range.

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Conversational commerce formally declared so, a few years back, is the way forward for user interface design. Many businesses have branded chatbots on their social networks, and on their websites and mobile apps. The text or voice processing is turning sophisticated, responsive, and natural each day. The potential of chatbots for financial services is worth mentioning. They take care of the routine questions and beyond so that consumers chat their way to manage risk, create wealth, and meet financial needs.

It is expected that chatbots will replace mobile apps as a medium of client interaction too. With most of India’s 730 million internet users accessing through mobile phones by 2020, chatbots indeed have a huge role! This presents both an opportunity and a threat. That’s why it is very important to hire experts who have the knowledge and experience in algorithms. Otherwise, it could lead to algorithm bias, leading to wrong decisions.

Otherwise complicated technology is no longer a hurdle to have that floating bot invite; or static chatbot in place. Just a few rules to abide, and you are all set with that bot to chat. It could be a game changer, or a burden depending on how the rules are followed. It is to be human centered based on actual customer needs be it shopping ideas, food recommendation, banking, booking tickets, insurance options, or appointments. Also it should be seamless, empower users, make their journey of interaction with brands and services less complex.

People are recognised by the way they walk, using footage from surveillance cameras to analyse gait. The technology isn’t new, nor is the logic and background behind it. We have been living in a world under constant surveillance and the big advantage is safety. Countries like the U.S. are making the most of surveillance information to analyze crime patterns and trends, even predicting crime. And why not?

To be a Future-Ready City smart policing is smart security. When every second matters, we know making smarter and more holistic decisions will make Delhi or any other city a better and safer place to be. The technology also needs to be flexible enough to adapt to new ways people commit crimes and report information to the police.


Convincing replies based on the bot’s ability to recognize the intent of the user is the main reason of this acceptable change in the way people communicate. The user has the choice to quit the chat anytime, that’s empowering. Some customers make the best use of it to get quick answers like the nearest ATM, bank balance, past transactions, even a mini statement or nominee information. A trust is built upon, getting correct and quick facts and references.

The ongoing chat is capable of touching a higher chord. This is when cognitive capabilities and customized offerings from the banking chat friend at the other end, taps customer’s loyalty. The financials of even the wisest people have scope of enhancement. A customized tip or two, or an offer based on the credit history of the customer, served by the chatbot during interaction is generally received well.

In addition to this differentiated experience for their customers, the capabilities of chatbots to offer better insights to management is facilitating better decision making. Chatbots serve as a good customer database. The bank would then want to understand where clients or visitors come from, the needs, investment potential, and their priorities. The conversation generates leads and facilitates global expansion, be it Natural language or a Command language user interface. The investment of ‘training the machine’ would yield wonderful results for a long time.

As an outreach tool, the female persona of a bank or a neutral one like that of Capital One Bank, creates the experience of caring and sharing. It identifies the situational main intent in the conversation and without much ado provides customer service, reference, educated guess or idea. The smartly written program parses the input, handling spellings, situations, case sensitivity, even complicated requests in real time. The chat app integrated with internet banking is equipped with contexts and conversation to help with retrieving mini bank statement, certain past transactions or even transfer money. The virtual assistant pays close attention to specific requests like a pro.

The clear objectives for AI adoption thus are: personalized and proactive customer experience, having error-free back-end processes coupled with faster turn-around-time. Per the recent NASSCOM-CMR Report ‘Artificial Intelligence for Banking, Financial Services & insurance Sector’ (BFSI), survey of IT decision makers 75% of the respondents felt a strong need for AI in BFSI.

Chatbots is an area of maximum interest in this segment. The highest percentage of respondents has already deployed it fully, and an equal number are running pilots, while another 46% plan to deploy it in the next six months to one year. This is indeed a ‘Raise high’ call to put heads together to implement cognitive knowledge in action to engage the business on a daily basis. Chatbots are surely on the challenging path to be accepted as a real-time personal financial, banking & insurance advisor beyond the robo-advisory style. Users coming in with heightened levels of expectation and satisfaction being the ultimate goal.

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