A chat with a chatbot

If you have been on the internet recently (I don’t know why I put an if), chances are you have faced a pop-up or a chat box the moment you logged into a site. Or received a message from your bank or ticket booking site on WhatsApp or Facebook for a chat. Ever wondered how all these people are getting so much manpower to run so many contact centers to chat with you? Well, the truth is, they aren’t. Enterprises nowadays are implementing computer programs to talk to you, called chatbots. Intrigued? Read on as I chat with a hypothetical chatbot on how they are helpful and what they have accomplished till now.

Me: Hey, who.. what are you?

James Bot: Hello. I am a chatbot. You can call me James.

 Me: Oh! So, you are like HAL9000 from 2001: A Space Odyssey? Do you control spaceships and stuff?

JB: “I am sorry Dave. I am afraid I can’t do that” On a more serious note, we are very specific in our utility and are present as virtual assistants to better improve customers experience.

Me: Understood. So, what exactly is a chatbot, technically?

JB: Chatbot, or chatterbots or simply bot, is a software program that emulates a human in conversation. It is an idea conceived to allow users to obtain the information they want using natural conversational language, rather than complicated menus and graphical user interfaces (GUIs). While they might have been around for almost half a decade (ELIZA, developed in MIT in 1966 is the first), they seem to be mushrooming just recently. This can be attributed to two major trends: the advancements in A.I. due to increasing computational processing capability and the rise of messaging apps such as WhatsApp, WeChat etc.

Me: Great! And how is it that you work?

JB: Technically we are a set of multiple systems that work together to make me work. Majorly there are 3 components. There is a channel, also called chat client, through which we communicate with say Facebook Messenger, Voice Assistants, SMS, chatbox etc. This then feeds to the Chatbot Platform which sends the phrase to the NLP (Natural Language Processing) engine which extracts the relevant entities and intent from the input phrase for further processing. Then there is the Data Services component from which relevant information is extracted and sent back to chatbot platform which packages it to send out a response. However, the chatbot platform requires multiple other sub-segments to make it run. Without going much into the details let me just explain you a simple workflow.

Me: This looks interesting. But why the sudden interest from enterprises?

JB: A lot of things come into play for enterprises to start implementing chatbots. However, the major drivers are Customer Experience and Operational Efficiency.

Me: Great, So I understand that these are driving the adoption. But with respect to business processes, where can you potentially impact?

JB: Great question. Chatbots help multiple functions across the business. Here, you can find a few ways a chatbot can help an enterprise. While these are just some generic examples, I find specific uses depending on the industry I work in and level of maturity I am in.

Me: Maturity? You mean you aren’t like this throughout?

JB: Of course not. Like any other technology, we mature too. Just like mobiles went from wired bulky devices to a palm-held computer, we also mature and evolve. For example, our ancestor ELIZA, about whom I told before, used simple pattern matching to answer questions, a technique a lot of us still use. Whereas, my cousin Alexa, well, she learns new skills and can converse with you through voice and even provide you recommendations and execute actions for you. Here is a typical maturity model we use, but it varies from organization to organization.

Me: Wow! This has been insightful. However, being in Financial Services, I am curious to know if and how chatbots help Financial Services.

JB: Definitely. Apart from generic uses that I have already mentioned, here are areas in which chatbots can help Financial Services

Me: Wait! With so much advantage of using chatbots in Financial Services, has any enterprise even implemented one?

JB: You would be amazed by the level of adoption Financial Services has seen with respect to chatbot. Financial chatbots have not only revolutionized Digital Banking but have found utility amongst even traditional banks and insurance companies. I will let the examples speak for our utility.

Me: Lovely.! This has been very interesting James. Thank you. One last question. Why are you named James?

JB: I really hoped someone asked me that. It is so that I can introduce myself as, “The name is Bot, James Bot”. Nonetheless, I hope I was able to provide some insight about Chatbots, what we are, how we work and how we help. It was a pleasure talking to you.

Sources:

1.      Chatbots Journal (https://chatbotsjournal.com/how-chatbots-can-deliver-value-in-financial-services-63d0db4f9fb6)

2.      24[7] Chatbots Primer (https://02f0a56ef46d93f03c90-22ac5f107621879d5667e0d7ed595bdb.ssl.cf2.rackcdn.com/sites/10980/uploads/19773/ChatbotExecutivePrimer20171011-24949-4c2p44.pdf)

3.      How 10 Big Banks Are Using Chatbots to Boost Their Business, Abe.ai (https://www.abe.ai/blog/10-big-banks-using-chatbots-boost-business/)

4.      Capgemini Financial Services Analysis