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Artificial Intelligence

How AI chatbots are improving customer service efficiency

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Chatbot
James Royal-Lawson (FLICKR)

 Time is the most valuable asset in the world and like the saying goes, “Time lost cannot be regained”.  Regardless of a company’s type of service, products or size of business, customer experience is a key differentiating point for companies. The greatest expectation of customers and employees is prompt and immediate solution to a request at any given time. Meeting this expectation is always burdensome for live customer service agents, as they take care of repetitive and routine requests or rerouting issues to other departments. AI chatbots simplify and can effectively handle routine requests and daily tasks without the risk of a breakdown or getting bored of doing the same tasks many times a day. 

What Is an AI chatbot?

AI — Artificial Intelligence — Chatbot is a computer program that simulates a natural human conversation. Chatbots interpret and process users’ words or phrases, and give an instant pre-set answer. With the increasing technological advancement, traditional methods of engaging customers are also advancing. Industries like banking, entertainment, healthcare, fashion, academia and many others, have adopted chatbots.  AI chatbots have been found to be able to carry out almost all the tasks which a live agent handles, but in a situation where the chatbot comes across a complex task it cannot handle, it reroutes it to a live agent to take care of such tasks. This method eases service delivery, and makes customer service more effective. Brands like Touchabl Apollo Agriculture and many others, use chatbots to offer their services.

Some of the areas AI chatbots are transforming customer experience include the following:

Improved Service and Productivity

According to a study conducted by PwC on positive customer experience, “Good customer experience leaves people feeling heard and appreciated. It minimizes friction, maximizes efficiency and maintains a human element”. AI chatbots have proven their worth in ensuring customer’s satisfaction by their ability to deliver instant answers to customer’s queries and challenges quickly and effectively. Chatbots are available to serve any customer 24/7, any day of the week. This is unlike what is obtainable with live agents who can either get tired, go on breaks, or be generally unavailable to serve customers 24/7. 

Reduced Agent Workload

As was stated earlier, AI Chatbots can only reroute complex tasks. The integration of Chatbots reduces the tasks handled by live agents, and this gives the live agents time and space to focus only on complex tasks which these chatbots can’t handle. This gives room for division of labour, such that everyone focuses on his or its area of specialty for better productivity and improved services.

Scaling Business Efficiency

With chatbots, firms can scale to extend their customer services round-the-clock without the need to employ staff who might have to work day and night. Chatbots are very necessary for a firm that serves customers from different countries with different time zones

Collecting Feedback and Customer Details

One of the most important and integral tasks of a business or a company is collecting feedback from customers. This is important to ascertain how customers feel about a company’s product/service and the support. The traditional method of collecting customer’s feedback has been surveys. However, replacing this with chatbots will be more effective. There is a high probability that customers may ignore emails containing a feedback survey or questionnaire. With chatbots, feedback through conversations can be collected whilst the customer is still on the website, and this will result in more effective and accurate feedback as the customer’s experience is still fresh.

Monitor Social Media

Social media presence is one of the important metrics customers use to rate a company’s success. Customers often use social media to grab the attention of a company. As such, integrating chatbots to a company’s social media handles can bring more social media engagement to the company. The chatbots used on the social media are known as social chatbots and perfect examples of platforms with which they are employed are Facebook, Twitter and many other platforms where these social chatbots assist in marketing activities.

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Artificial Intelligence

How AI Is Helping Fintechs Provide Intelligent And Better Financial Services

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AI fintech services

We live in an era of data. In today’s world, data is the new gold. The quality of services now significantly depends on how much insight can be extracted from data to help in the creation of the services. For fintech organizations, building services that harness the power of data and artificial intelligence has now become necessary to ensure that the services are tailored to meet the needs of customers. Artificial intelligence is now being used in various ways to help fintech companies provide intelligent and improved services. Some of the major areas of AI application in fintech are discussed in this article.

Risk Assessment

From insurance companies to banks and other fintech institutions, assessing credit worthiness and estimating the level of risk associated with every transaction has become very crucial. Now, many fintech companies employ the use of AI in determining the credit profiles of clients which helps to minimize financial losses when customers fail to repay loans or meet other financial commitments. 

Predicting and preventing fraudulent transactions is another challenge that fintechs are using AI to solve. Using machine learning algorithms, fintech organizations are able to build more accurate fraud detection mechanisms to curb the activities of scammers. The advantage of using machine learning for fraud detection in financial systems is that the machine learning model can learn from the financial data by itself. Thus, it is able to uncover hidden patterns and make a more robust prediction compared to traditional fraud detection algorithms. AI-based fraud detection algorithms can also be used to verify insurance claims and flag fraudulent ones. 

Churn Prediction

Customer churn is an important Key Performance Index (KPI) for any organisation. Preventing customer churn is aimpoaaaustomers and improve customer engagement. Many fintechs across the world now use AI to increase customer retention by understanding customer behaviour and making data-driven decisions to retain the audience of customers.

Intelligent Customer Service

Customer service is an aspect of fintech that has been significantly transformed by AI. The use of AI in this area has drastically reduced the need for human customer care representatives and the cost associated with employing these representatives. With AI, more customers can be attended to more efficiently via chatbots, virtual assistants etc. 

Chatbots are, particularly, one of the most common uses of AI in fintech customer service. Chatbots are sophisticated conversational AI applications that can engage with customers, address complaints and basically fill in the gap of a human employee. Chatbots have now become faster and easier means for customers to fix issues they have while using fintech services.

The Future of Fintech With AI

The use of AI in financial technology extends beyond risk assessment, churn prediction and intelligent customer service. Areas like payment processing and sentiment analysis are also being transformed by AI. Organizations like MasterCard and Visa have been able to improve the quality of their services by leveraging AI to achieve this. Personalized banking and financial services will define the future of financial technology. Better experiences will be developed for each customer in a unique and personalized manner. This may be impossible without AI. The future of fintech is geared towards smarter and more intelligent services, with AI steering the wheel to this future.

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Artificial Intelligence

This New AI Can Tell The Kind Of Faces You Find Attractive

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AI researchers are constantly coming up with ways to make the technology serve us better. However, while these services are impressive they can be a tad creepy. A time when social media will be able to like pictures on our behalf, based on how our brain reacts to the picture sounds quite uncomfortable. 

Although Instagram isn’t working on an algorithm that tracks brain waves, researchers from the University of Helsinki and Copenhagen University are. This AI matchmaker can tell when you find someone attractive. It creates a database of this information and knows the kind of faces you find attractive or in more lucid terms, “your type”

Here’s how it works

According to Digital Trends, the researchers used a generative adversarial neural network. This network has over 200,000 pictures of celebrities. The AI then recreates original faces based on that database. A group of participants kitted with electroencephalography (EEG) caps were shown these images. Concentrating on which picture they found attractive, the cap read their brain waves to know how they felt about the picture. 

Michiel Spapé, one of the researchers, said, “By capturing the brain waves that occurred just after seeing a face, we estimated whether a face was seen as attractive or not. This information was then used to drive a search within the neural network model — a 512-dimensional ‘face-space’ — and triangulate a point that would match an individual participant’s point of attractivity.”

The AI uses machine learning to connect the dots as per what we are attracted to. Whatever pictures cause a spike in brain waves is stored, the machine analyzes them and looks for the faintest detail they have in common. Afterwards, it comes up with facial features we might not know we are attracted to. 

So, how do you measure attraction?

The researchers have found out that roughly 300 milliseconds after a participant sees an attractive image, the brain lights up. Well, a living brain lights up every time but this particular “lighting up” gives off a specific signal identified as a P300 wave. A P300 wave in itself, does not mean you’re attracted to something. It simply means you have spotted what you have been asked to look out for. The participants have been asked to look out for images they find attractive, as such, any discovery of a P300 wave at that time, means that they find the picture attractive. 

Great algorithm for dating apps?

An algorithm that can tell which facial features you find attractive will be great for dating apps. It will recommend to users, the kind of faces they will probably find attractive. 

However, one can argue that the laws of attraction aren’t that simple. Facial features are just a facet of what people find attractive. Nevertheless, there could be an integration of the detection of all the possible attraction facets. This would go a long way in cementing AI’s position as a major partaker in human lives- or love lives, as the case may be.

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Artificial Intelligence

Using AI To Grow Avocados And Improve Agricultural Productivity In South Africa

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Globally, South Africa maintains a spot as one of the major producers of avocado. In 2019, the nation secured approximately 1.1% international market share in the multi-billion dollar avocado export market. However, its annual production volume of between 80,000 and 120,000 tonnes is still many miles behind the annual production volume of 1.5 million tonnes by top avocado producer, Mexico. However, this figure could be significantly increased with precision agriculture, thereby, providing ample opportunity to boost the nation’s overall revenue from avocado export.

The right amount of irrigation is extremely critical for South African avocados to attain maximum growth. For a long time now, South African farmers have relied on traditional irrigation strategies that are largely hinged on their intuition and experience, which has hindered the attainment of the maximum productivity that could be reached in avocado production. Cracking the issue of irrigation could unlock an astonishing increase in South Africa’s annual avocado production volume.

Now, Israeli company, SupPlant, is using technology, particularly AI, to provide farmers with smarter and more efficient ways to improve agricultural productivity. They have been able to achieve this by developing an AI model that employs predictive algorithms to provide customized irrigation recommendations based on analyzing about 100 million data points. Their solution is now being used by South African farmers to grow avocados as the solution is particularly useful for South Africa’s avocado irrigation challenge.

To gather data, SupPlant’s solution involves the use of sensors. These sensors are located in 5 different parts of the plant (avocado, deep soil, shallow soil, leaf, stem/trunk). The sensors monitor plant stress, the exact water content in the soil, health data of the plant, the growth patterns of the plant and the fruit. Climatic data and data on the growth patterns of the plant are also monitored by the sensors. The combination of the data is uploaded to a cloud-based algorithm, at 30-minute intervals, which then makes predictions based on the input data from the sensors to provide farmers with irrigation recommendations.

However, the solution above does not solve all of the challenges that South African farmers face in avocado production. Another critical challenge for the farmers is associated with the weather. To overcome this hurdle for South African farmers, SupPlant integrates the use of top weather intelligence platform, ClimaCell, to monitor the weather in a particular plot of land. Today, with the use of SupPlant’s mobile app, South African farmers can monitor their farm plots and control irrigation on any plot from anywhere. The mobile app provides graphical information on historical and future irrigation plans, present and forecasted climatic data customized for each farm plot, growth patterns of the avocado plant, agronomic insights and recommendations for irrigation.

If, for instance, plant stress begins to increase, farmers will immediately get altered via the mobile app and receive data-driven amplified irrigation recommendations to prevent severe damages to the plant. With SupPlant’s solution in the hands of farmers, farmers will no longer need to engage intuitive and traditional irrigation and farming approaches.

In such a time as now, when the demand to produce more in smarter and more efficient ways is seemingly high, SupPlant’s solution evidently lies beyond South Africa’s avocado industry, as it also extends to other areas where precision agriculture could be harnessed to unlock massive agricultural productivity. With a technology like AI, the journey to smarter and more intelligent farming is just evolving.



















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