chatbots will transform user interaction
Artificial intelligence (AI) created a loud buzz in the world of technology. We have witnessed a dramatic rise in its usage, not only impacting the internet and software industry but also in other verticals like healthcare, automobile, manufacturing, and more. AI is no longer a futuristic technology; it is now used in several industries. Here are trends we will see in two such industries.
Being present in the chatbot space over the last three years has been about making conversational user interface work across different industries with a focus in research and marketing. The fastest growing trend in the AI space, conversational interface (aka chatbots), has changed the way users interact with businesses.
Our take on chatbots in 2019 is that they have been continuously proven to effectively improve sales, marketing, and support kind of activities.
The healthcare sector will be dramatically enhanced by AI. Today, when pathological tests are conducted, blood samples are delivered to the lab, which then examine them, and after the analysis procedure is completed, submit the report. The limitation here is the waiting period. AI will help cut down the time taken by running image or pattern recognition in blood cells quickly and efficiently. This will also have a positive impact on customer service.
Previously, bots were more prevalent in processes such as the interactive voice response (IVR)—basically, a bot responding to commands. In the absence of a selection menu, the IVR would not be able to function. With AI coming into play, when one switches intent the bot would still understand and respond appropriately.
Face recognition will also be utilized in healthcare as it is all about recognizing patterns to establish a diagnosis. AI is not about mathematical precision but about averaging—it is about grouping results that seem as close to the original data set. Having said that, if you take a very small data set, AI will give inaccurate an result. So, if only a small set of historical data is considered, it is less likely that the system would identify patterns. Huge chunks of data leads to precise analysis.
banking and finance
In 2019, chatbots used in the banking and financial sectors are going to be more intelligent. We have already seen the first phase of chatbots and the implementation of AI. The next phase will be even better—AI will be used in fraud detection. It will look at a bunch of patterns, analyze them historically, and create new ones based on those to understand how fraud occurs. This technology does not exist yet, but it will, soon. Another aspect AI will prove to be advantageous in is ATMs. All ATMs have a camera monitoring them and there is a possibility that someone is on the other side looking at the footage. But what if this person is not attentive? If AI is used inside an ATM, it can find patterns in the video. The actions of how somebody comes in, looks around, and whether she tampers with the machine, all of this can raise an alarm immediately. The technology is there and these advancements will soon come to play. Stock markets too may adopt AI technology as it can study the patterns in market indices and historic data on market movements and predict when the markets will be volatile and will move in a certain direction, etc.