- “Yellow Messenger announced a $20 million series B round led by the US fund of Lightspeed Venture Partners on Friday.
- Its conversational AI platform is used by over 100 enterprises for customer and employee engagement.
- It’s hard to run call centres because they require people to go into large offices with dedicated telephony and computer equipment that can track and analyze calls. The way to keep these running is to automate them, and that’s where Yellow Messenger comes in.
- Indians are used to messaging on WhatsApp for a variety of purposes. So it’s not much of an ask to get consumers to choose products, quantities and delivery slots in a WhatsApp chat with an AI bot instead of an ecommerce portal.”
- “On a recent AI Today podcast Casey Royer from USAA, a large US bank serving the military community, shared his perspective on how the bank is adopting AI, how they’re using AI to broaden USAA banking offerings
- The bank sees AI as one way to help provide more hyperpersonalized offerings, automatic monitoring, as well as improve various back office operations.
- Through these fraud prevention methods, Casey says the bank is able to actively monitor fraud in real time and is saving its customers on average around $100 million a year
- One major challenge they have faced is the access to data. It’s no surprise that USAA has very large amounts of data, but one of the big challenges is having real time access to that data to see what is happening.”
Executive Director – Personalized Experience Management
- “Our goal is to make humans less robotic by diverting the mundane, repeatable tasks to automations, which will allow humans to do what they do best — be more creative, show more feeling, and make a real impact,” said Erik Ashby, Director of Product, Helpshift.
- “For example, when IBM’s Watson was unveiled and won Jeopardy, the world was astounded that a machine could be so “intelligent” and hypothesized all sorts of use-cases for the technology. But when Watson was applied to customer support, it wasn’t focused, was far too complicated and wasn’t proving useful to brands,” said Ashby.”
“Think chatbots, intelligent virtual assistants, and digital employees. These and other related technologies enable computers to engage in dialogue with people in natural ways using conversational artificial intelligence (CAI).
What level of CAI is right for my bank?
- Scripted bots – A scripted bot provides static responses to scripted, keyword-based questions or statements.
- Contextual bots – Contextual bots use natural language understanding (NLU) to understand what the customer is saying or asking regardless of the specific syntax she uses.
- Learning bots – All chatbots must learn which questions to expect and which responses are appropriate. But platforms that have machine learning (ML) capabilities automate much of the learning process.”
- “According to EY’s “Global FinTech Adoption Index 2019,” financial technology services adoption among internet users has nearly doubled during the past two years, and the adoption rate is growing. Its March 2019 data shows that 64% of digitally active consumers across 27 markets used fintech.
- An August 2019 Finder.com survey conducted by Pureprofile states that 21.4% of US internet users ages 18 to 91 already used neobanks.
- Chatbot integration in mobile banking apps is expected to make up 79% of chat-driven customer interactions in 2023.”