| |MAY 20219textual insights' to the right per-son at the right time and through a preferred channel. The non-human chatbot will help transitioning into `conversational business with a virtual chatbot assis-tant in a new age self-sufficient con-tact center with center agents, mini-mizing TAT, costs and improvising customer journey. The focus should be on augmentation of human deci-sion making to predict faster than humans with enhanced interactions, else the greater benefit of personali-zation and differentiation will be lost with automation only. These intelligent Chatbot tech-nologies are defining the way how a consumer can be engaged at large with value and superior customer satisfaction, loyalty, reducing cost - driving revenue by building an insti-tution with cognitive capabilities as a key to conversational way of do-ing business where reach and aware-ness both are the biggest challenge in India.Maturity of the AI & AnatomyArtificial intelligence and Chatbot is no more a buzz word since major-ity of banks and financial services are already into it, targeting young con-sumers to hold automated dialogues with the consumer & borrowers for engagements; extending its conver-sational capabilities beyond a fully automated help desk or a contact center or a virtual assistant which can give real time credit evaluation and approvals to products offerings and augmenting human decision making, thus creating real value. However, that includes human ele-ment and increased cost.In fact, due to the complexity of the AI as technology and digital busi-ness transformation going globally, enterprise and technology groups are trying to find the best way AI can be implemented and the value can be reaped. So, AI maturity and strategy involvement in large scale implementation is going to play a crucial value in days to come to meet objective and value. Majority of the organization are in the state of discussion mode with-out any strategy, POC and budget. Unless AI is not appearing in use cases, POC and knowledge sharing in large scale, AI transformation will take much time for such organiza-tions. At the same time the maturity of AI technology will also evolve with time and expectations of the project to measure the impact on digital business transformation as the full cycle of end to end imple-mentation is not yet complete which can speak on ROI other than cost and efficiency.Chatbots - Customer Service & UniquenessChatbots are disruption agents in the area of customer support. Tradition-al customer support helplines leaves lot of issue unaddressed and impacts customer satisfaction in a larger way. The whole objective of AI has been to develop human like intel-ligence and most of the banks and financial services firms have been early adopters of chatbots. It is an autonomous agent which uses AI to create disruptions.Uniqueness· The availability of raw data into big data is powering the overall AI and digitalization program.· Machine learning algorithm like NLP and deep neural networks are providing tools and techniques to convert big data into actions.· Cloud computing and virtual-ization have added infrastructure and computing resources to run these programs.· With mobility in place, the reach of AI and chatbot has increased mas-sively across industry.Challenges & wide usageAI has a very wider application across industry and the benefits are immense for the benefit of business and human mankind at large. Pri-marily, most of the affecting chal-lenges are strategic in nature and also practical in nature ­ Non availability of use cases to refer and lack of strat-egy for AI and its alignment is an indication of an unsuccessful imple-mentation. Another critical factor af-fecting overall delivery is lack of skill availability and the resource skill-gap along with the complexity of inte-gration can balloon up the project timelines in absence of scope, mis-perception and unrealistic planning that too when compliance and laws related with GDPR & privacy act, security and risk related with these highlights major concerns. Vishal Sinha,President & CIO
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