ChatGPT, Bing AI, Google Bard….. Chatbots currently represent the top use of AI in enterprises, and their adoption rates are expected to almost double over the next two to five years. While AI chatbots make their way as panellist at fintech conference by the Gillmore Centre for Financial Technology, what could be the other potential areas where chatbots can make an impact?
Chatbots have come a long way since their inception, evolving into conversational AI, a technology that is changing the way we interact with machines. According to insights from Delloitte, the global conversational AI market, including chatbots and intelligent virtual assistants, is expected to grow at a CAGR of 22% during 2020–25, reaching almost US$14 billion by 2025.
Conversational AI refers to computer programs that can understand and interpret human language, allowing for natural and seamless interactions between humans and machines. It uses advanced natural language processing (NLP) and machine learning algorithms to understand the context and intent of user queries. It can handle complex queries, understand human emotions and respond in a natural and conversational tone. This technology is being used in a wide range of applications, including customer service, healthcare, education, and e-commerce.
Conversational AI in customer engagement
One of the key benefits of conversational AI is its ability to provide personalised and contextualised interactions. By understanding the user's context and preferences, conversational AI can provide tailored recommendations and solutions that meet the user's specific needs. This can improve customer satisfaction and loyalty, leading to increased business success.
For instance, AI chatbots were used as panellists for the first time as part of a conference hosted by the Gillmore Centre for Financial Technology in March of 2023. The two chatbots, ChatGPT and Bing AI, answered audience questions alongside human panellists in an attempt to harness the vast store of knowledge embedded in these generative AI models.
Professor Ram Gopal, Director of the Gillmore Centre for Financial Technology, said:
“Generative AI embodies and distils all the knowledge available online. It can also be quite creative in the way that it pulls together and integrates ideas. This experiment aims to give our audience access to research and insights embodied in these language models, as well as challenging our panellists and audience in a different way. It has the potential to re-shape the way we think about panel discussions and the way we debate and share research and expertise in a live forum.”
Other conversational AI applications
Conversational AI is also being used in healthtech to improve patient outcomes. Chatbots can be used to provide patients with medical advice, monitor their symptoms and alert healthcare professionals in case of emergencies. This technology can help patients receive timely and personalised care, leading to improved health outcomes.
In edtech, conversational AI is being used to provide personalised learning experiences to students. Chatbots can be used to answer student queries, provide feedback on assignments and quizzes, and deliver personalised content based on the student's learning style and pace.
Other applications of conversational AI can be presently seen in retail and ecommerce, real estate, banking and fintech, insurance, and logistics, to name a few.
The future of conversational AI
Conversational AI is rapidly evolving, with new developments and applications emerging at a fast pace. In the years to come, we can expect to see conversational AI become even more sophisticated and integrated into our daily lives.
With more human-like features, better integration in our lives, multi-lingual approach, and innovative use cases, conversational AI is set to transform every single aspect of our lives.