Artificial IntelligencePHOTOGRAPH BY DEAN HOCHMAN “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…
Tag: ChatBot
By 2023 Chatbots could drive sales of…
Sales From Chatbots Could Reach $112B By 2023 “Juniper Research estimates that retail sales stemming from interactions with chatbots are set to reach $112 billion by 2023. The firm also noted that chatbot interactions are set to skyrocket from a forecasted 2.6 billion in 2019 to 22 billion in the same time frame, Retail Dive…
The state of the chatbot market in 2019
The global chatbot market is expected to surpass $994 million by 2024, a compound annual growth rate of 27%. In 2016, Gartner predicted that chatbots would power 85% of all customer service interactions by 2020. A HubSpot survey found that 40% of consumers don’t care if they’re being helped by a person or an AI…
Artificial Intelligence in Retail Banking – Current Applications
“One AI company offering fraud detection to retail banks is Threatmetrix, a subsidiary of LexisNexis. Their Dynamic Decision Platform purportedly improves account authentication and identity verification. SAS offers a predictive analytics software called Credit Scoring for SAS Enterprise Miner. The solution is an added capability of their larger Enterprise Miner solution. The software’s machine learning…
What AI Can Teach Banks About Their Customers
Image: Getty “Harnessing advanced analytics techniques like artificial intelligence (AI) and machine learning (ML) is fast becoming business as usual for the banking sector, with those that don’t adapt risking being left behind. Here’s how three frontiers of AI are transforming the bank-customer relationship. 1. Machine Learning: Preventing Customer Churn 2. Natural Language Processing: Chatbots…