StartupTalky

Tag: chatbots

  • Best Chatbot Builders of 2024

    We all want to ace at customer support, experience and productivity – and there is no doubt about that. If you are someone on the same boat, we have some good news! Chatbot builders might just be the game-changer you need. These innovative tools are transforming the way businesses interact with their customers, providing round-the-clock support and personalised experiences. With the right chatbot builder, you can automate routine tasks, free up your team’s time, and create memorable interactions that keep your customers coming back for more. You’ll get to know how these tools can help you build chatbots that not only answer questions but also guide customers through complex processes, gather valuable insights, and even close sales. 

    HubSpot
    Manychat
    IBM Watsonx Assistant
    Wit.ai
    Amazon Lex

    HubSpot

    Website www.hubspot.com
    Rating 4.4
    Free Trial Yes
    Platforms Supported Web, IOS/Android
    HubSpot - Best Chatbot Builders
    HubSpot – Best Chatbot Builders

    HubSpot‘s chatbot builder is a powerful tool that can revolutionise your customer interactions. It allows you to create automated chat services that integrate seamlessly with your current CRM systems. You can set up chatbots to qualify leads, book meetings, and create support tickets, all without human intervention. One of the standout features is the ability to create task-specific bots that guide visitors through a predefined sequence of questions. This helps you gather essential information about your visitors before your team takes over the conversation. For those with more advanced needs, HubSpot offers conversational AI that can provide human-like responses using a knowledge base.

    The chatbot builder is incredibly user-friendly, with a visual interface that makes it easy to design your bot’s conversation flow. You can customise your bot’s welcome message, add various actions like asking questions or setting property values, and even create if/then branches to determine the flow of the conversation.

    HubSpot Pros and Cons

    Pros:

    • Free forever plan with essential features
    • User-friendly interface
    • Seamless integration with HubSpot’s CRM and other tools
    • Extensive range of features for marketing, sales, and customer service
    • Simple integrations with over 1,500 apps and web services

    Cons:

    • The interface can be restrictive for complex chatbot flows
    • Better suited for businesses already using the HubSpot ecosystem
    • Limited customisation options in the free plan
    • Advanced features only available in higher-tier plans

    HubSpot’s chatbot builder is an excellent choice for businesses looking to automate customer interactions and streamline their support processes. Its integration with HubSpot’s wider suite of tools makes it particularly valuable for companies already using or planning to use HubSpot’s CRM and marketing automation features. While it may have some limitations, the free plan offers a great starting point for businesses to explore the benefits of chatbots without any financial pressure.

    Plan Pricing
    Professional $800/Month
    Enterprise $3600/Month

    Best 5 No-Code Chatbot App Builders| No-Code Chatbot App Builder
    No-code Chatbot app builders helps tech and non tech users to build and create chatbot in less time. Here is 5 Best no-code chatbot app builders.
    StartupTalkyRishabh Rathi

    Manychat

    Website www.manychat.com
    Rating 4.6
    Free Trial Yes
    Platforms Supported Web, IOS/Android
    Manychat - Best Chatbot Builders
    Manychat – Best Chatbot Builders

    Manychat is a powerful chatbot builder that can revolutionise your business by automating conversations across multiple platforms. This tool allows you to create engaging chatbots for Instagram, WhatsApp, and Facebook Messenger, helping you boost sales and conversions.

    One of Manychat’s standout features is its ability to handle Instagram Direct Messages. Your chatbot can automatically respond to questions, comments, and story replies 24/7, attracting more leads and driving higher conversions. Similarly, on WhatsApp, you can set up automation to help customers discover products, retrieve order information, and get customer support – all without your constant attention. The Facebook Messenger integration is equally impressive. You can automate conversations to generate leads, answer FAQs, and run marketing campaigns effortlessly. This multi-channel approach ensures you’re always available to your customers, no matter where they prefer to interact.

    Manychat’s lead generation capabilities are particularly noteworthy. The platform allows you to capture email addresses and phone numbers for up to 80% of your leads, automatically adding them to your database. This feature can significantly boost your conversion rates, potentially increasing them by up to 90%.

    Manychat Pros and Cons

    Pros:

    • User-friendly interface suitable for non-technical users
    • Multi-channel support (Instagram, WhatsApp, Facebook Messenger)
    • Powerful lead generation and conversion tools
    • AI Assistant and pre-built templates for easy setup
    • Integrations with over 2,000 business tools

    Cons:

    • The free plan has limited functionality
    • Pricing can become expensive for businesses with large contact lists
    • Some users report occasional instability in the visual bot builder
    • Limited language support compared to some competitors

    Manychat stands out as an excellent chatbot builder for businesses looking to automate their customer interactions across multiple platforms. Its user-friendly interface and pre-built templates make it accessible even for those without technical experience. The AI Assistant can help you create your first automation quickly, and you can easily edit any template with just a few clicks. However, it’s worth noting that while the free plan is a great starting point, you’ll likely need to upgrade to the Pro plan to access the most powerful features. The pricing structure, which scales based on your number of contacts, means that costs can add up quickly for businesses with large audiences.

    Plan Pricing
    Free $0/Month
    Pro $15/Month
    Elite Custom

    IBM Watsonx Assistant

    Website www.ibm.com
    Rating 4.4
    Free Trial Yes
    Platforms Supported Web, IOS/Android
    IBM Watsonx - Best Chatbot Builders
    IBM Watsonx – Best Chatbot Builders

    IBM Watsonx Assistant is a powerful chatbot builder that can revolutionise your customer interactions. It uses artificial intelligence to help businesses handle queries and tasks efficiently. This tool is designed to boost productivity and streamline operations across various sectors.

    One of the standout features is its user-friendly interface. You don’t need coding skills to build generative AI assistants, thanks to the intuitive drag-and-drop conversation builder and pre-built templates. This makes it easy for anyone in your organisation to create effective chatbots. The assistant leverages advanced Large Language Models (LLMs) and Natural Language Processing (NLP) to understand the context of each conversation. This means your chatbot can grasp the nuances of human language, leading to more accurate and helpful responses.

    Another key feature is the Retrieval-augmented generation (RAG). This allows your chatbot to provide accurate, contextual, and up-to-date answers around the clock, grounded in your company’s knowledge base. It’s like having a tireless customer service rep who always has the right information at their fingertips.

    Watsonx Pros and Cons

    Pros:

    • User-friendly interface suitable for non-technical users
    • Advanced AI capabilities for natural language understanding
    • Seamless integration with various channels and business systems
    • Robust analytics dashboard for tracking conversation performance
    • Ability to handle complex customer interactions

    Cons:

    • Pricing can be steep for smaller businesses
    • Some advanced features may require technical expertise
    • The free plan has limited capabilities

    IBM Watsonx Assistant is an excellent choice for businesses looking to enhance their customer service and automate routine tasks. Its AI-powered features can help you create engaging, personalised interactions that boost customer satisfaction and loyalty. Whether you’re a small business just starting with chatbots or a large enterprise looking for a scalable solution, IBM Watsonx Assistant offers a range of options to meet your needs.

    Plan Pricing
    Lite $0/Month
    Plus $140/Month
    Enterprise Custom

    How AI Chatbot Increases Sales/ Sales Boost by AI Chatbot
    Artificial intelligence chatbots mainly distinguish themselves from other chatbots by their ability to understand the intentions behind the customer’s questions. Chatbots provide the precise information customers are looking for.
    StartupTalkyTanusha Verma

    Wit.ai

    Website www.wit.ai
    Rating 3.8
    Free Trial Yes
    Platforms Supported Web
    Wit.ai - Best Chatbot Builders
    Wit.ai – Best Chatbot Builders

    Wit.ai is a powerful chatbot builder that can revamp your business by enhancing your app’s ability to understand and respond to user input. This natural language processing platform, developed by Facebook, offers a range of features to help you create intelligent chatbots. Wit’s user-friendly interface is its USP. You don’t need to be a coding expert to get started. The platform allows you to train your chatbot through examples, or “utterances”. By providing a few examples of how users might interact with your chatbot, Wit.ai can infer and understand similar requests.

    The Understanding section is where you teach Wit how to comprehend your users’ intentions. As you validate more utterances, Wit’s understanding improves, leading to more accurate responses. This learning process is continuous, with every new utterance hitting the API showing up for review and improvement. Wit.ai also uses entities to extract meaningful information from user input. For instance, it can automatically detect and highlight specific data like temperatures or dates, making it easier for your chatbot to provide relevant responses.

    Wit.ai Pros and Cons

    Pros:

    • Free for both private and commercial use
    • User-friendly interface suitable for non-technical users
    • Continuous learning and improvement through user interactions
    • Automatic entity detection for more accurate responses
    • Open-source community benefits

    Cons:

    • May require manual review for quality control
    • Limited customisation options compared to some paid platforms
    • Potential privacy concerns with data storage

    Wit.ai is an excellent chatbot builder for businesses looking to upscale their customer interactions without significant financial investment. Its ability to understand natural language and continuously improve makes it an amazing tool for creating responsive and intelligent chatbots.

    Plan Pricing
    Free $0/Month

    The Rise of Chatbots in the B2B SaaS Industry
    Recently, any of the SaaS companies are started using chatbots including WhatsApp and Facebook but what led to the rise of chatbots in SaaS industry?. Lets find out.
    StartupTalkyMnish Pushkar

    Amazon Lex

    Website aws.amazon.com
    Rating 4.2
    Free Trial Yes
    Platforms Supported Web, IOS/Android
    Amazon Lex - Best Chatbot Builders
    Amazon Lex – Best Chatbot Builders

    Amazon Lex is a powerful chatbot builder that can revolutionise your business by enabling you to create conversational interfaces for your applications using voice and text. It’s powered by the same technology that drives Amazon Alexa, making it a robust choice for developers looking to build sophisticated, natural language chatbots. The standout element in Amazon Lex is its simplicity. You don’t need deep learning expertise to create a bot. The Amazon Lex console guides you through the process, allowing you to specify the basic conversation flow quickly. This user-friendly approach makes it accessible for businesses of all sizes.

    Amazon Lex uses advanced natural language processing (NLP) and automatic speech recognition (ASR) technologies. These features allow your chatbot to understand the context of conversations, leading to more accurate and helpful responses. The bot can handle multi-turn conversations, managing context across interactions without the need for custom code. Integration is another key strength of Amazon Lex. It seamlessly connects with other AWS services, including Lambda, Cognito, CloudWatch, and DynamoDB. This integration allows you to extend your bot’s capabilities, from accessing databases to executing complex business logic.

    Amazon Lex Pros and Cons

    Pros:

    • User-friendly interface suitable for non-technical users
    • Advanced NLP and ASR capabilities for natural conversations
    • Seamless integration with other AWS services
    • Pay-as-you-go pricing model
    • Free tier available for new users
    • Supports multi-turn conversations
    • Easy deployment across multiple platforms

    Cons:

    • Limited language support (currently supports English, Spanish, German, French, Italian, and Portuguese)
    • Restricted customisation options compared to some other chatbot builders
    • Integration complexity may require programming knowledge
    • Lacks built-in sentiment analysis

    Amazon Lex is an excellent choice for businesses looking to build conversational interfaces quickly and cost-effectively. Its integration with the AWS ecosystem and advanced AI capabilities make it a powerful tool for creating engaging chatbots.

    Plan Pricing
    Request and response interaction pricing
    Speech request $32/ for 8000 speech requests
    Text request $1.50/ for 2000 text requests
    Streaming conversation pricing
    Speech intervals $52/ for 8000 speech intervals
    Text requests $4/ for 2000 text requests
    Automated chatbot designer pricing
    Training time $150/ for 300 minutes

    Conclusive Thoughts

    Chatbot builders are causing a revolution in the way businesses interact with their customers, offering round-the-clock support and personalised experiences. These tools cater to a wide range of needs and skill levels. As the chatbot arena continues to evolve, businesses have more options than ever to enhance their customer service and automate routine tasks. Whether you’re a small startup or a large enterprise, there’s a chatbot builder out there that can help take your business to the next level. However, in order to stay in the loop with the latest trends and tools in the startup world, why not sign up for StartupTalky’s legacy newsletter ‘Smell The Coffee’? It offers exclusive sneak peeks into the startup scene and early access to some of the most exciting tools out there. Remember, in business circles, staying informed and getting hold of new technologies can make all the difference.

    FAQ

    Which chatbot builder is best?

    The best chatbot builders currently are:

    • HubSpot
    • Manychat
    • IBM Watsonx Assistant
    • Wit.ai
    • Amazon Lex

    Can I create an AI chatbot for free?

    Yes, you can create an AI chatbot for free using various platforms, though advanced features may require paid upgrades.

    Can I build my own chatbot?

    Yes, you can build your own chatbot using various tools or by coding it from scratch. Depending on your technical skills, you can either use a chatbot builder platform or develop it using programming languages and AI frameworks.

  • 7 Ways to Automate Customer Service | Pros & Cons of Automated Customer Service System

    Automation is the term that seems to fit in almost every work situation these days. In this fast pacing time, it is important for people and businesses to automate as much of their work as possible. This not only saves time and energy but also makes the processes more efficient.

    When it comes to customer service, some businesses view it as a necessary evil, while others see it as an opportunity to stand out from the competition. Whether you fall into the former or latter category, there’s no denying that automating your customer service can save your business time and money.

    For example- Chatbots are a great way to automate customer service as it provides the customers with instant responses 24/7. In the case of the airline industry, customers can look for all the flight information, find the best option, and book a ticket with the help of chatbots. In this way, customers get to have all the necessary details in an easy conversation.

    What is customer service automation?

    Seven Ways to Automate Customer Service Process

    1. Automate Customer Service Processes with a Chatbot
    2. Use an AI-Powered Live Chat Tool
    3. Take Advantage of Automation Tools
    4. Implement an E-commerce CRM
    5. Use a Help Desk Ticketing System
    6. Use Social Media Automation Tools
    7. Automate Your Customer Service Reporting

    Pros of Automating Customer Service Process
    Cons of Automating Customer Service Process

    Seven Ways to Automate Customer Service Process

    There are a number of ways to automate your customer service. One of the most popular is to use a chatbot. Chatbots are computer programs that can mimic human conversation. They can be used to answer common questions and help direct customers to the right resources. One can also automate customer service using an interactive voice response system. This allows customers to get the information they need without having to speak to a live agent.

    The following are the seven ways to automate your customer service process:

    How do customers perceive chatbots?
    How do customers perceive chatbots?

    Automate Customer Service Processes with a Chatbot

    A chatbot can help you automate customer service by providing answers to common questions, routing customers to the right support agent, and even handling simple tasks like scheduling appointments or placing orders. You can create a chatbot using a chatbot platform like Chatfuel or Botpress, or you can use a chatbot builder like Manychat to create a chatbot without any coding.

    Use an AI-Powered Live Chat Tool

    An AI-powered live chat tool can help you automate customer service by providing instant answers to common questions, routing customers to the right support agent, and even handling simple tasks like scheduling appointments or placing orders. Live chat tools that use AI include Zendesk, Drift, Intercom, etc.

    Take Advantage of Automation Tools

    One can always take advantage of automation tools. For example- Zapier is an automation tool that lets you connect different apps and automate tasks between them. You could use this tool to automatically add new contacts from your CRM to your live chat tool or to send a follow-up email after a customer support conversation automatically.

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    Implement an E-commerce CRM

    An e-commerce CRM can help you automate customer service by providing a central place to manage all your customers’ data, contact information, and support conversations. Plus, e-commerce CRM tools can automate tasks like shipping and order tracking, making it easy to keep your customers updated on the status of their orders.

    Popular e-commerce CRMs include:

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    Use a Help Desk Ticketing System

    A help desk ticketing system can help you automate customer service by organizing and tracking all your customer support conversations in one place. A help desk ticketing system can also automate tasks like assigning tickets to the right support agent and sending notifications when a ticket is updated. Popular help desk ticketing systems include Zendesk, Freshdesk, Zohodesk, and Help Scout.

    Use Social Media Automation Tools

    Social media automation tools can help you automate customer service by posting updates, responding to comments and messages, and even monitoring for keywords and hashtags. Automated customer service on social media can help you stay connected with your customers and resolve issues quickly.

    Social media automation tools include:

    Automate Your Customer Service Reporting

    Zendesk Insights
    Zendesk Insights

    Customer service reporting can be time-consuming, but tracking metrics like customer satisfaction and first-contact resolution are important. Automating your customer service reporting can help you save time by always generating reports on a schedule to have the latest data. Reporting tools that can automate customer service reporting include Zendesk Insights and Helpshift Analytics.

    Pros of Automating Customer Service Process

    73% of customers consider good Customer service Experience is the key factor in Brand Loyalty
    73% of customers consider good Customer service Experience is the key factor in Brand Loyalty

    The customer service process is extremely important and automating it can be really effective for a whole lot of businesses. The following points show the pros of it:

    • One of the pros of automating your customer service process is that it helps to improve efficiency and productivity within your organization.
    • By automating certain tasks, you can free up your staff to focus on important tasks that require more attention.
    • Another advantage is that it can help improve the quality of your customer service by ensuring that tasks are completed correctly and in a timely manner.
    • It can also help to reduce the overall cost of your customer service operation by eliminating the need for manual labor.
    • Finally, automating your customer service process can help improve your customers’ overall satisfaction by providing them with a more efficient and effective customer service experience.

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    Cons of Automating Customer Service Process

    Automated customer service definitely ups the game for many businesses, but it might just not be the perfect thing for others. The following are some of the disadvantages of automating your customer service process:

    • One of the potential drawbacks of automating your customer service process is that it can lead to a more impersonal experience for your customers. Automation might not be the right solution if your goal is to create a more personal relationship with your customers.
    • Another potential drawback is that automated systems can sometimes be less reliable than human customer service representatives. If your system goes down, or if there are technical issues, your customers will not be able to get the help they need.
    • Automated systems can also be more expensive to set up and maintain than traditional customer service solutions. If you are on a tight budget, then automation might not be the right choice for you.
    • Finally, automated systems can sometimes give customers the impression that they are talking to a machine rather than a real person. This can lead to frustration and even cause some customers to take their business elsewhere.

    If you consider automating your customer service process, carefully weigh the pros and cons. Automation can offer many benefits, but it is not right for every business. Make sure to consider all of the potential drawbacks before making a decision.

    Conclusion

    Automating your customer service can provide a better experience for your customers while freeing up your team to work on more important tasks. However, in some cases, automation might just not be the right thing for some businesses. The above-mentioned are some of the most important points that will guide you to automate your customer service process.

    FAQs

    Can customer services be automated?

    Yes, it can be automated. More businesses are now keener to automate customer services as it improves customer experience and employee satisfaction.

    What are automated reporting tools used for?

    Automated reporting tools are used by professionals to make and share organizational reports at particular intervals without updating the information each time.

    Which are the top software to automate customer service?

    The Best tools to automate customer service are:

    • Zendesk
    • Freshdesk
    • HelpScout
    • Agile CRM
    • Groove
    • Zoho Desk

    What is a help desk ticketing system?

    A help desk ticketing system is software used by customer support teams. It is used to create, maintain, and manage lists of customers’ problems.

    What are examples of automated customer service system?

    Some examples of automated customer service system are:

    • Self-service portals
    • Standardized email replies
    • Live chat and Chatbots
    • Virtual Assistant
    • Ticketing tool to assign tickets to the relevant team

  • WhatsApp Marketing: The New Way to Reach Your Customers

    This article is contributed by Sumit Gupta, Founder – Whizard API (Whatsapp Business Solutions).

    The meager mention of social media marketing rings the bell of the names of our preferred apps. However, in this era of instant messaging, what often goes unnoticed is that WhatsApp can be an equally beneficial marketing platform. As per Statista, with a global monthly user base of 2 billion, WhatsApp is one of the most popular instant messaging apps outranking Facebook, Instagram, and WeChat. This is one of the major reasons why WhatsApp marketing is gradually gaining prominence amongst businesses as an innovative route to reach their customers!

    WhatsApp Marketing: The new fad

    Customers across age groups prefer chatting over voice calls especially for connecting with businesses and their query resolution.  According to a joint study conducted by Nielsen with a leading conversation media marketing platform, young Indian customers specifically prefer chatting over audio and video calling. Half of the respondents (50%) surveyed shared that chatting over messaging apps is easy and fun to communicate. As per Outgrow’s survey, 69% of consumers at the global level prefer chatbots because they provide quick and simple responses to their queries. 56% of users prefer chatbots for query resolution rather than calling customer support.

    As per industry estimates, the engagement rate of WhatsApp is over 70% and an open rate of approximately 97-99%. These stats are indicative of the fact that WhatsApp is the most widely used and preferred messaging platform amongst customers. They trust brands with chat apps and chatbots all the more and would be inclined towards purchasing from the brands that reach them via chats. Businesses are thus considering WhatsApp Marketing via the assistance of WhatsApp chatbots as the new-age marketing strategy for promoting their offerings as well as for seamless and effective communication with their customer base.

    Benefits of WhatsApp Marketing for businesses

    Tapping customers across geographies

    Whatsapp Marketing for Tapping Customers Across Geographies
    Whatsapp Marketing for Tapping Customers Across Geographies

    The concept of WhatsApp Marketing works with a chat marketing principle and a customer-centric strategy. It helps businesses to scale their venture and have a robust digital presence thereby empowering them to connect seamlessly with their customers spread across urban as well as rural areas. To ensure this, they are adopting multilingual WhatsApp chatbots that enable ease of communication and allow businesses to reach linguistically and culturally diverse target audiences effectively.

    Customer-centric approach

    For businesses, ‘the customer is the king’. WhatsApp Marketing works with a customer-centric approach and helps businesses take decisions and operate keeping their preferences, demands, and behaviors into consideration. Contrary to the notion that WhatsApp Marketing is intrusive, it is in fact one of the best permission-based marketing channels where customers possess the power to share the contact number or refuse the offer!

    Personalized experiences

    The messaging app provides a plethora of opportunities for the personalization of messaging experiences.  The WhatsApp chatbots offer personalized experiences to the customers by capturing data and offering smooth automated conversations. This ensures that the customers are satisfied, happy and engaged. This also allows businesses to expand their customer reach and enjoy a competitive edge in the market.

    Fostering valuable relationships with customers

    Leveraging the power of WhatsApp chatbots, WhatsApp Marketing helps build deeper connections with the customer base. The valuable connections with the customers eventually help reduce operational costs for businesses since customer retention is perceived to be financially feasible as compared to acquisition.

    A diverse set of features

    The app comes with a diverse set of features. WhatsApp broadcast and group allowing businesses to share a variety of content including brochures, catalogs, and videos to 256 people at once, status sharing along with audio and video calling; all of these features can be leveraged to reach out to the existing customer base as well as tap the potential customers. WhatsApp Business API’s integration with chatbots is also being used for facilitating effective customer interaction with their automation, speech recognition, and image recognition features.

    The bots manage multiple customer queries in real-time and allow live interaction experiences to the customers helping in instant resolution of their queries. They allow seamless online payments as well by facilitating integrations with third-party payment gateways.

    The transition from notification-based to conversation-based model

    WhatsApp will soon be transitioning from a notification-based model to a conversation-based pricing model and will also be introducing new features. These innovations will further help in fostering meaningful conversations between businesses and customers.

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    Conclusion

    On the whole, it would be appropriate to say that WhatsApp Marketing allows businesses to offer superior customer experiences. This further paves the way for customer satisfaction and loyalty. Once the customers are engaged and happy, they tend to stick around for long. This customer satisfaction and retention eventually carve the path for greater conversions and boosted sales.

    Businesses, in order to have a competitive edge, need to adopt new-age marketing strategies. WhatsApp is popular amongst the customers and is preferred for communication with brands and query resolution. With the right tools in place, the marketing capabilities of the most popular instant messaging app can be enhanced significantly. Due to the growing prominence of the messaging app, WhatsApp Marketing is thus emerging to be the ideal solution for businesses to connect and engage with their customers!

  • 6 Ways Artificial Intelligence Is Transforming the Finance Industry?

    Artificial intelligence is the capability of computers or technology controlled by computers to perform a duty that is mostly done by humans. AI is used in different innovative ways by the banking sector and other finance organizations by utilizing time properly and making sure that there is an increase in revenue and decrease in cost. It helps in providing better and fast services by efficient and improved performance through AI applications in financial institutions.

    Artificial intelligence helps financial organizations to know more about the customer through the data based on the experience of customer behaviour. It is mostly used in the banking sector, investment sector, insurance sector, and other financial institutions.

    The banking sector has been one of the sectors which have gained the most benefit from AI in the finance field, It has benefited investment by automated data and other applications and also helped insurance by providing an Anti-fraud system, data related to customers and risk management.

    How is AI used in Finance?
    Can AI Give You a Competetive Edge Over Your Non-AI Competitors?
    Advantages of AI in Finance
    Disadvantages of AI in Finance

    How is AI used in Finance?

    Personalized Banking

    AI makes it easy to interact with the customers and provides them services like mobile banking, smart wallet, and providing AI applications for customer support and lending decision-making advice on their savings and expenses.

    Anti-Fraud System

    It helps to prevent fraud, as AI is all about studying and reviewing data and the growth of financial institutes. Fraud investigator works efficiently to detect fraud and take corrective measures to take precautions at right time.

    Credit rating

    Ai helps get all the data related to a persons credit reliability by examining the person’s data. It helps to know whether the debtor data should be increased or not and what should be the amount that has to be credited to him.

    Risk Management

    It helps to detect theft and take effective measures against it. It helps to improve data quality. It helps to know about credit risk by the system which gives warning whenever there is a risk.

    Customer service

    It makes it easy to provide service to the customers through different AI tools that are used for customers so that customers are satisfied. It helps in making interaction with customers easy as for every financial organization it is important to have good relations with customers.

    Saving and loan management-

    It helps to know about the saving and expenses done by customers’ behaviour on their spending pattern and loan borrowing. AI helps in debt management using the data collected properly for the repayment.

    A customer who has borrowed money can also use AI technology like apps provided by the bank or any other financial institute as it helps to keep track of the history and analyze data related to the loan provided.

    AI helps to know about loan applicants’ behaviour and makes it easier for banks and apps of a financial institute to know whether the loan applicant is eligible or not for the loan.

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    Can AI Give You a Competetive Edge Over Your Non-AI Competitors?

    It helps to know the customer wants through the data that is based on the current information provided and helps to get a competitive advantage over competitors mostly in the organization. It helps to know customers’ wants by studying customer behaviour.

    All companies need to install all types of technology and artificial intelligence. As our country is heading towards being more digital and sophisticated, companies need to use artificial technology and advanced technologies. If a company fails to accept the dynamic technologies it will not be able to survive and therefore, it will lose its existence.

    As everything is done through artificial intelligence it makes the company increase its ability to coordinate its activities regionally, nationally, and globally. Artificial intelligence assists the company to reach all the customers, but if a company does not have artificial intelligence they will be slow in doing their work, they might face loss.

    If a company does not meet the needs of the customer its competitors will stifle its development, and if a company is not advanced or updated the customers will also be apathetic-towards its service.

    Nowadays those companies who provide online services are the ones who are still surviving and earning a good amount and profit from those who do not provide online services. So, the company should ensure that every service they provide is online too. For example, people who are physically challenged, elderly people who cannot go physically to the service centre, but know about artificial intelligence and technologies can prefer AI-based companies to those who are not so advanced about AI.

    A company with advanced AI and technology gets its work done more effectively and productively than the competitors who do not employ dynamic AI and technology.

    Advantages of AI in Finance

    • It works faster and helps to make better decisions quicker by improving the quality of data.
    • AI helps to plan a useful and helpful way that is beneficial for a finance company and also for its customers.
    • AI helps to prevent fraud by its tools and efficiency to keep away from financial crimes. It helps by keeping track of previous fraud transactions so that they can be used to prevent getting frauded.
    • It helps to eliminate the mistakes that humans make and give better solutions that give more accurate data faster.

    Disadvantages of AI in Finance

    • It has a very high maintenance cost depending on the use.
    • AI also creates risks of unemployment as everything is done through AI which leads to less use of human creativity. But it cannot replace a human even if machines performance is productive and faster than humans as when there are complicated tasks when a piece of expert advice is required this work can only be done by employees.
    • It can sometimes be dangerous to let AI have full control as sometimes there are some errors due to which there can be a problem in data and sometimes it can be difficult to detect it.
    • As there is more and more use of technologies or we can say AI it leads to a decrease in the use of human creativity.

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    Conclusion

    Artificial Intelligence is very helpful in the field of finance as it provides different innovative services, saves time, keeps away from fraud, etc. It also helps to get a competitive advantage over the competitors as the customers prefer advanced and updated companies.

    AI have different uses like anti-fraud system, credit rating, risk management, etc. AI is very helpful to both the finance company and the customers even if there are some disadvantages we can find solutions to make improvements.

    FAQ

    How AI will transform the future of finance?

    AI will improve fraud detection, predict cash flow and can provide high-quality services to the customers.

    How does AI help in banking and finance?

    AI features such as chatbots, fraud detection systems, and digital payments are actively used in the finance industry.

    How will AI affect financial services?

    With the help of AI, you can get an edge over your competitors as it provides advanced security, more informed decisions, and reduces risk.

  • How AI Can Bring About Next-Level Enterprise Innovation?

    This article is contributed by Mr. Anirudh Kala, Co-founder, Celebal Technologies.

    When we talk about modern technology, one of the biggest inventions has to be Artificial Intelligence (AI). With its undeniable effect, AI is actually taking over the world. In an unbelievable way, it has become a part of our daily lives and is continuously on a mission to change our future. A decade ago, the Sci-fi movies that we used to watch are now unfolding in front of our eyes and are turning into a reality.

    Just like the whole world, India is also experiencing the same reality, in fact, such as the impact that, the 2021 Deloitte State of AI report found that Indian enterprises intend to increase their investments in Artificial Intelligence, based on the returns they have seen on their existing AI investments. Any kind of business can benefit from using AI and innovation in their organization. Becoming data-driven will level the playing field for such enterprises, therefore, allowing everyone to leverage all their data to build better user experiences and increase business agility.
    Artificial Intelligence is not just in the realm of buzzwords and hyped-up technologies anymore. It has gone from a good-to-have to a must-have part of every organization – big and small alike. The pandemic spurred on rapid digital transformations, leading every enterprise to establish a culture of continuous innovation to become more resilient. These digitalization journeys have led to a boost in AI adoption with many enterprises setting up data and analytics infrastructure as the foundation to build AI projects.

    In this article, we will find out how Artificial Intelligence can bring enterprise innovation. Let’s take a look.

    How AI Can Unlock Hidden Opportunities for Businesses?

    Artificial Intelligence has a wide range of applications in the business world. From process automation, and tailored customer services to conversational analytics and predictive analytics, the use cases for AI touch upon all the departments of HR, Finance, Operations, Manufacturing, Marketing, and others. Organizations can use AI to grow their business, increase revenues and business agility, and enhance operational efficiency.  

    • In the financial sector, machine learning algorithms are being designed to improve fraud detection, supplement the risk assessment process, deliver tailored customer recommendations and services.
    • Artificial Intelligence is also empowering the manufacturing sector with demand forecasting, inventory optimization, supply chain analytics, production planning, and many more diverse use cases.
    • With the ability to continuously learn and adapt itself, AI technologies can also help businesses make better decisions that will help predict market changes and help your business be competitive and resilient.
    • Personalized virtual assistants, recommendation engines, predictive analytics are also some of the ways enterprises are leveraging AI to craft lasting customer experiences and stem customer churn.
    • Infusing AI will not only fuel a culture of innovation but also cause immense benefits of reduced expenses, automated processes, faster insights, and improved business continuity.

    Need of AI-Powered Enterprise Chatbots and Cognitive AI

    Artificial Intelligence is showing its mettle in every form, down below some reasons are stated regarding the need for AI-Powered chatbots and Cognitive AI.

    AI-Powered Enterprise Chatbots

    AI-Powered Chatbots and Conversational Voice Bots are essential tools for all brands that want to deliver hyper-personalized experiences, they provide exceptional customer services. Engineering these experiences using conversational AI can boost customer satisfaction, customer loyalty, and increase customer lifetime value.  
    AI-driven Chatbots bring flexibility and versatility to the conversation to understand and even learn from most client queries in multiple languages. AI-enabled Chatbots are important assets for organizations dealing with a massive number of daily customer support queries or having limited customer support staff. One can also leverage chatbots for improving employee collaboration within an enterprise, bringing together business processes and people on a single platform.

    Accelerating Automation with Cognitive AI

    Cognitive AI applications involve embedding AI into cognitive tasks that traditionally require huge amounts of manual effort like scanning invoices and documents, extracting information from an unstructured pool of data, or analysing thousands of images. Face detection, social media sentiment analysis, speech recognition and analytics, risk assessment, knowledge mining, fraud detection, vehicle damage detection are just some of the many ways that AI can assist in improving manual and routine tasks.

    Adding intelligent automation into an enterprise has the benefit of not just replacing manual processes but will help add a dimension of process intelligence. This would involve aiding decision-making with insights into maximizing your process efficiency and predicting organizational changes that could affect your business.

    Conclusion

    Going into 2022, many organizations are going to increasingly move towards AI and integrate it with their business functions. Numbers of enterprises irrespective of their size and expertise will use the power of AI for cost-savings and productivity boosts of their organization. Low code platforms are also making it easier for enterprises to tap into the potential of AI. A proper AI implementation strategy is a must for anyone who wants to partner up with this technology. Partnering with the right technology and software solutions provider will ensure that you remain in the right direction to achieve excellence and a competitive edge.

    FAQ

    How AI will Affect Business?

    AI will mainly save time, costs and will make all the tasks easier, which are quite hard in an enterprise.

    Is AI the Future of Business?

    Undoubtedly, AI will be the future, if it’s not already one. 86% of industries state that AI is becoming the ‘mainstream technology’.

    What will AI do in the Future?

    AI will create 58 million new artificial intelligence jobs by 2022.