Chatbots in Banking Got Smart. This is How They’ll Make Your Bank Better

Image credit: SalesForce

“Technology is driving personalization, and the combination of data, conversational banking and AI make it increasingly accurate the more consumers use it. It’s a perpetually evolving experience over time. Banks aren’t investing in conversational banking and AI to drive customers to self-serve, low cost channels or to avoid interacting with the customer. They’re using it to improve their service by empowering consumers to engage in the way that they want and connect with the bank on their own terms.”

Octane AI Hires Ecommerce Industry Veteran as New Head of Sales

  • “Octane AI, the Facebook Messenger and SMS platform for ecommerce, announced that it has appointed Brian Shanley as the company’s new Head of Sales to help address the exploding demand for Facebook Messenger, SMS, and messaging solutions across ecommerce brands.
  • As direct-to-consumer commerce continues to grow, messaging automation has become a core channel for businesses to manage their customer relationships. We are investing in new technology and key hires to bring conversational commerce to every business.”

OctaneAI –

Increased Net Promoter Score by 45% – Yellow Messenger

“Yellow Messenger claims to have handled over a billion conversations and claims to have driven incremental revenue growth in tens of millions of dollars, reduction in support costs by 300%, and increased NPS (Net Promoter Score) by 45% for its clients. Further, Yellow Messenger claims to have recorded a revenue growth of ARR (Annual recurring revenue) of more than 5 times in just the past one year.”

Founded in 2016 by

Raghu Ravinutala

Rashid Khan

Jaya Kishore Reddy

Yellow Messenger has posted 6 case studies at this link:

eCommerce Business Gets 30% More Sales Using AI Chatbot & Reveals the Secret in a New Book

  • “The eCommerce business, Paper Models, Inc., which provides downloadable paper models for school projects since 1999, has received 30 percent increase in sales after adding an AI chatbot to their website, achieving the highest monthly sales in more than 10 years.”

Artificial Intelligence Isn’t Just About Cutting Costs. It’s Also About Growth.

  • “When it comes to automating customer conversations with chatbots and AI-driven virtual agents, the real value of that automation may well be in generating revenue and growth, not in cutting headcount.
  • Casual dining chain TGI Fridays decided to reach out to millennials with an irreverent, brand-appropriate chatbot. It has worked spectacularly well. Fridays’ chatbot has boosted the chain’s takeout orders by $150 million a year.
  • By 2018, there were more than 100,000 bots on Messenger
  • The reason is that true growth comes not from automation, but from improvements in customer experience.
  • One tough challenge at Dish was dealing with the flood of late orders for pay-per-view events, like boxing and mixed martial arts matches. When it put virtual agents in place to answer questions and take orders, Dish closed over $6 million in pay-per-view event revenue.
  • At the marketing services company HubSpot , a Facebook Messenger chatbot suggests useful content, pre-qualifies leads, and connects prospects with HubSpot’s salespeople. Compared to other sources of inbound inquiries, leads that the bot has prequalified are higher quality—they’re 40% more likely to engage productively with a salesperson.
  • Avis-Budget wondered if the system could help with revenue-generating calls—rental reservations. Before the customer gets on the line with a human, a virtual voice agent can typically collect five key pieces of information first. This saves time for the human agents and makes the whole system faster and more efficient.”

P.V. Kannan is the co-founder and CEO of the San Jose based [24], a vendor of AI-driven customer experience software and services.

P.V. Kannan, Co-founder and CEO

Company Name: [24]