Financial transaction

View from India: chatbots, customer data warehouse

AI chatbots are leveraged to refine business goals.

Chatbots got a boost during the pandemic when remote working and working from home became the norm. Often, the chatbots filled in as much of the employees as possible. Now offices are either fully open or at least follow the hybrid model. Either way, the chatbots stayed.

Businesses have realized that chatbots can do so much more than they’ve done in the past two years. They are positioning themselves as digital alternatives to human agents in call centers and point of sale. They also answer FAQs (frequently asked questions), which make it a customer data warehouse. This data is used by companies to understand customer needs, prepare their offers accordingly and thus improve their income.

Another step in this direction is the integration of AI, or artificial intelligence. AI precision and voice recognition software have given a boost to chatbots and voice assistants. Classic chatbots operate on sensitive keyword data. But AI-powered conversational chatbots bring additional features such as NLP or natural language processing and AI algorithms. Together they process the dialogue into a conversation, which can be used for questions posed by customers.

“The growth potential of chatbots is enormous. India is a $3 billion market for chatbots. Globally, the market is estimated to reach $100 billion by 2026,” said Ankush Sabharwal, Founder and CEO of CoRover at the 3rd NASSCOM XperienceAI Virtual Summit 2022. Conversational AIs and creates chat and voice bots. It has incorporated a human-centric aspect in the form of virtual assistants that look like humans, much like a digital human. “We usually build chatbots for businesses. We work to provide virtual assistants in 15 Indian vernaculars. Outside of India, we are working on different slangs. In short, services are more personalized based on demographics,” Sabharwal added.

Various verticals personalize voice offerings. Major e-commerce brands have voice shopping solutions under their umbrella. This includes brands representing consumer packaged goods, durable goods and food. Consumers have started to exploit this option as it is hassle-free and contactless. Other than that, healthcare startups and job postings rely on chatbots.

Private companies and the BFSI sector (banking, financial services and insurance) want to take advantage of the conversational AI platform. They are exploring opportunities for message automation for better customer experience and better reach. Fundraising as well as client-centric services should be delivered in the local language for a personalized connection. “We have an automated conversational AI platform based on voice. It is tailored according to specifications. Voice has its own complexities, it also has authentication parameters,” added Ganesh Gopalan, CEO and co- founder of Gnani.ai.

Automated conversations need to be in people’s language. Vernacular recordings can be used to train AI solutions. They can also be used to create datasets. In the absence of datasets, voice agencies can use localized audio and create mixed language NLOs or natural language queries through open libraries. To think about it, the way automated systems speak to people in their language and develop authentication for them is both a challenge and an opportunity.

We may live in the age of smartphones, but we must remember that a large part of the population still uses basic or functional phones. Automated chatbot conversations are being designed for wider deployment. Voice bots help deliver service transaction messages to feature phones. One example is the Unified Payment Interface (UPI) payments for feature phone users launched by the Reserve Bank of India (RBI) earlier this year. RBI has integrated Interactive Voice Response (IVR) facility. UPI payment via pre-defined IVR numbers would require users to initiate a secure call from their feature phones to a pre-determined number and complete UPI onboarding formalities in order to begin conducting financial transactions without an internet connection.

RBI, India’s central banking institution, which controls the monetary policy of the Indian Rupee, has also launched DigiSaathi, a 24/7 helpline for information on digital payments. The National Payments Corporation of India (NPCI) launched it on behalf of a consortium of payment system operators and participants comprising both banks and non-banks. Information on all digital payment products and services is available in English and Hindi. DigiSaathi can be accessed through the website, chatbots and WhatsApp.

When we look at the AI ​​scenario, it’s probably been around for about 50 years. “The first 50 years of AI are similar to the first half of the chessboard. We seem to have migrated to the second half of the chessboard, with the exponential rise of AI that has occurred over the past 10 recent years,” said Srikanth Velamakanni, Co-Founder, Group Managing Director and Executive Vice President of Fractal. This could probably be inferred from the fact that AI integration is increasing and spreading across verticals. he adoption of voice search optimization and virtual assistants has taken off with Apple’s Siri and Amazon’s Alexa. Voice usage depends on the accuracy of AI and voice recognition. human probably happened in 2016. The demand for model accuracy has come and this segment is bound to grow and bring a new dimension to the internet, so maybe this is an opportunity for voice agencies. could grow as the his voice is getting louder.

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