Technology vendors have been experimenting with bots since many years. While earlier attempts to build intelligent contextually relevant bots have not been extremely successful, recent efforts show a significant improvement due to the rise of artificial intelligence and a sharp spike in messaging platforms. For instance, instead of calling a customer service agent in a bank or texting a pre-defined text to a preset number, a customer can simply ask, “How much balance do I have in my account?” The goal is to make customers interact with bots the same way as they normally would converse with human beings.
The gradual adoption of smart bots in the enterprise points to a major shift. For example, ICICI Bank, has deployed software bots that have helped in reducing the response time to customers by 60%. The bank has deployed bots in over 200 business process functions across the organization. The bots now perform over 10 lakh transactions on a daily basis, which enables ICICI Bank to handle ever growing volumes with existing resources even as its retail banking division grows at over 25% year on year. HDFC Bank, is working with Bangalore-based startup SenseForth, for helping it better understand customer queries using chatbots powered by AI. Similarly, Meru Cabs allows passengers to book cabs using conversational questions and answers through a Meru Messenger bot on Facebook Messenger.
Singapore-headquartered DBS Bank has announced plans to launch a bot on Facebook Messenger, that will allow customers in India to make transfers and track spending. Lybrate, a firm which provides online consultation services, has launched a bot that allows people to seek consultation on health queries from doctors.
As bots can be programmed to carry out specific tasks, they can also initiate action based on certain exceptions or defined thresholds. As bots have access to information about identity, they can be used to authenticate transactions such as shopping or workflow requests. Bots also do not need to be installed; they just need to be logged into from your default messaging app such as Facebook Messenger, Slack or Telegram.
The future for bots looks increasingly promising as every major technology giant from Facebook to Microsoft has announced ambitious plans. For instance, over 34,000 developers have developed over 30,000 bots on the Facebook Messenger platform. Similarly, Microsoft has announced plans to integrate Cortana into Skype as a bot. This will allow the bot to identify context in chat messages. For example, if a person is exchanging messages with a co-worker about traveling for an event in another location, Cortana could block the calendar besides showing options for travel and accommodation.
While most companies are using bots to primarily handle customer queries, in the future, bots could do complex tasks. For example, if there is a likelihood of an industrial equipment failing on a factory floor, it can automatically trigger an alert with the respective technician and schedule proactive maintenance by sending messages to the concerned stakeholders. As bots become more intelligent, expect them to be pervasive and embedded in every business process.
