An internet bot or bot is a software application that can do automated tasks over the internet. And a chatbot or chatterbot is a bot that can converse with humans.
Artificial Intelligence makes it possible for chatbots to “learn” by discovering patterns in data. These intelligent chatbots have the ability to understand user context and work autonomously.
Many intelligent chatbots built today improve business. With machine learning and natural language processing technology improving, chatbots will only get smarter.
However, there is a bigger question in your mind, “is it worth to invest in chatbots for my business?”. So let’s dig in a bit about where they stand today and the industries that have already started using them.
There have been mixed opinions about whether chatbots are here for the long run or not worth the hype. There are many industries that have adopted AI chatbots to enhance customer service. But it is now possible to monetize chatbots.
Chatbot industry is primed to reach a market share of about 1.25 billion USD by 2025. Many industries use AI chatbots but let’s talk about some of the biggest and most important industries in this article
The app includes an AI assistant called April. April converses with patients either by text or speech. Designed to communicate with Parkinson’s patients, April does it through speech and dexterity challenges.
A companion chatbot for patients with Alzheimer’s Disease is being developed by a Russian company, Endurance. This chatbot is primarily a virtual companion.
The chatbot is also assumed to fix deviations from normal reactions at the early stages of dementia. It does so by creating a series of questions and the answers to those questions can be used by experts to diagnose deviations.
#BeALifeline Direct Message
Lifeline, a non-profit association for emergency support and suicide counteractive action has launched a chatbot for suicide prevention. In association with Twitter, Lifeline created #BeALifeline Direct Message (DM) Chatbot.
It encourages the family and companions of those in danger to quickly and effortlessly begin a discussion about suicide. To use this chatbot, users need to have a twitter account.
MedWhat is another chatbot that helps both patients and physicians make medical diagnoses faster, easier, and more transparent. It is powered by a sophisticated machine learning system and vast volumes of medical research.
Peer-reviewed scientific papers also help this chatbot to expand upon. MedWhat learns continuously through human interactions.
Spot is a chatbot that helps employees anonymously report harassment and discrimination at workplaces.
Co-founder Julia Shaw – a criminal psychologist and memory scientist, believes removing humans from the equation will encourage more victims to come forward.
A chatbot called Loris helps users to build empathy and listening skills in order to navigate difficult conversations at work.
Sciensio, has built a chatbot the for event management industry that has learned to interpret the declarative statements. It uses advanced learning to understand customer intent and provide relevant answers.
Structurely is a startup that builds AI Chatbots for real estate agents. To make the conversation feel more natural, things like deliberate typos and delays between messages to its AI has been added.
Snipfeed is an entertainment chatbot that can send the best-personalized content. This chatbot can break original contents into short chat messages, GIFs/images, and videos & quizzes and keep you updated. With 44,000 weekly active users, Snipfeed helps Generation Z mobile users avoid misinformation.
Swelly is a Chatbot that can help users with making decisions by conducting polls with the users’ friends. With more than 7 million users this chatbot has become one of the popular ones.
Swelly also does market research for customers.
Rare Carat, an online jeweler, uses a chatbot to answer questions and help with searches. Rocky, claimed as the world’s first artificial intelligence jeweler helps educate customers about diamond rings and other products.
HelloAva helps consumers determine their skin type through a 12-question conversation via SMS or Facebook Messenger. The bot then recommends skin products and regimens based on the person’s answers.
Beauty Brands chatbot recommends gifts for people on a shopper’s list, and the bot was able to boost revenue during the busy holiday shopping season. The company claims that the bot hit over 1.6 million total impressions.
Apart from these chatbots, there are other retailers who use chatbots that are very popular. Some of them are Sephora, ASOS Enki, H&M Kik Chatbot, Burberry, Walmart Jetblack, American Eagle Aerie, and Macy’s Bot.
Bank of America launched Erica a chatbot that has gained a lot of popularity since its launch. It can perform a number of tasks. For example, sending notifications to customers, provide balance information, suggest how to save money, provide credit report updates, pay bills and help customers with simple transactions.
BoA claims that Erica has been downloaded by more than 4 million users as of November.
Wells Fargo’s Chatbot uses Facebook Messenger to interact with customers. It can give answers to a number of questions like nearest ATM, account balance, recent transactions, how they spend money, etc.
Capital One’s Eno, helps customers with money management using their mobile phones. Eno can help customers with account balance, transaction history, and credit limit, pay bills, stop potential fraud, etc. Eno can also understand emojis and the users sure love it.
AI Chatbots are on the rise and they show huge promise in improving businesses across all industry verticals.