A chatbot is a computer program that uses natural language processing (NLP) and artificial intelligence to simulate human conversation and derive a response. Essentially, it’s a machine that can chat with you or respond to your chatter. Chatbots can save time and money when used to handle simple, automated tasks.
At the recent SAS Forum in Paris, I was part of the team that demonstrated the contextual value of chatbots. Our discussions during preparation and questions after the demo were wide-ranging and extremely interesting. It would be hard to claim that there was a real thread running through it, perhaps
In the recent article, “Price-bots can collude against consumers,” the Economist discusses the consumer effects of prices set by price-bots. The article starts with an example of gasoline pricing strategies on Martha’s Vineyard. With a small number of gas stations on the island, the price-bots can cover all competitor prices frequently
Ever wondered about the volume of calls to banks? It is probably inevitable that banks would turn to chatbots sooner or later. Chatbots offer huge opportunities for banks across three broad dimensions. Efficiency and opportunity The most expensive forms of interaction with customers are the personal ones: face-to-face, and by