Since the inception of the Internet, every human of the world is interacting with each other in a web of information exchange, differing in different mediums. With the invent of machines, our millennium saw a glimpse of what the future could hold, but none of them imagined the scale it would reach, in just two decades.
Technology has come a long way in a short time from using up a room-sized digital storage device for 250MB to 250GB micro storage chip that fits in the palm of your hand today. It’s not a novice reality that we are living in right now, or does it seem like it? This is because of the accelerated growth in technological space, that no one saw coming or even saw it happen, as it happened concurrently throughout the globe. In two decades, the virtual space was identified, regulated and capitalised. It became a new space for the travel industry, business, propaganda, and beyond all, personalisation of digital identity! We clearly know what made the internet click, it is the individual’s sole involvement in the digital space that brought him closer to the Internet.
Enhancing customer experience using Cognitive model
In business to consumer model, cognitive engagement at the base level was established with the onset of the Internet. Its technological progress saw a new face of evolution with the entrance of Machine Learning and Artificial Intelligence. A machine that can crunch a large amount of data to cognitively perceive and deliver the desired result as per the input is the future of customer engagement. A human mind is always crunching a large amount of data in his/her head to perceive, judge, eliminate and choose of whatever opportunity is presented, especially in situations where it is bombarded with choices. This is a tiresome work, to choose from an uncategorised cluster. Categorising the cluster helps a bit, but the mind is still bombarded with choices, though less than before.
Machine learning helps the cognitive model to learn from experts, and that will eventually help the model to perceive, judge and recommend decoded choices. Analysis of the data can be crunched from different sources, in the form of speech, text, videos or images. This enables consumers to interact with the model in the same form of communication they would have with other humans with cognitive replies from a machine. In real time, one can use API (Application Programming Interface) and other cloud-based technologies which are affordable and easily accessible for cognitive model training.
The relevance of AI and Machine Learning in speech input can be seen on your phones, tablets, laptops, desktops and home models with virtual personal assistants like Amazon’s Alexa, Apple’s Siri, Microsoft’s Cortana and Google’s own Google Assistant who help you keep your electronic device organised with a voice command. The manifestation of AI and Machine Learning doesn’t limit to one category but is simultaneously being developed in different models to perceive and decode data from different sources in various formats. The Banking, Financial Services, and Insurance sector, where a large amount of data is gathered on a daily basis, has benefited a lot of from this technology.
Real-life implementation of Cognitive AI
HDFC’s AI-based chatbot ‘Eva’ built by Senseforth AI Research from Bengaluru has completed over 2.7 million customer queries with 5,30,000 unique users. It gets much easier with ‘Eva’ when she can assimilate information from various sources and give a quick simple reply in 0.4 seconds.
Similarly, ICICI has deployed ‘robotic software’, the kind that focuses on automating office work, the bank claims to be the first in India and among the few globally to deploy this automation software that performs repetitive, high volume and time-consuming business tasks.
Something you shouldn’t miss…
The Big BFSI Future Tech Show and Awards in its sixth edition are hosting a number of key representatives from financial and banking industry to facilitate, inform and network about the future tech in BFSI sector. You can register and be assured to meet some significant industry experts and listen to what they have to say. The show is taking place on 7 June 2018, in Mumbai, and is organised by Trescon.
For more information, visit www.tresconglobal.com
Trescon is a global business events and consulting firm that provides a wide range of business services to a diversified client base.
Trescon is founded and managed by a group of specialists with more than 6 decades of combined expertise in successfully developing business events, training and consulting for corporates, governments, associations and high-net-worth individuals across the world.