AI Articles and Analysis about Customer service

IDC estimated the size of overall AI-related spending in the banking industry in their Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide report at around $3.3 billion in 2018. It follows that AI would find its way into the banking world. We covered the current state of AI banking applications in the US and India in our previous reports, and in this report, we're going to focus on where AI can be leveraged for customer service applications in banking. This report covers vendors offering software across three functions:

Statista estimated that the market for partially autonomous cars will be at $36 billion by 2025, and the market for fully autonomous cars will be at $6 billion. We researched the automotive space to discover how and where AI might be driving business value for companies in the auto industry. The companies in this report all claim to offer one of two sectors of the industry:

Deloitte estimated the size of the global travel and tourism industry at around $1.6 trillion in 2017. When adding in the indirect and induced economic contributions of related activities, the travel and tourism industry accounts for 10.4% of the world’s gross domestic product (GDP).

Although it's clear that AI is only beginning to make its way into the insurance sector, Accenture estimates that big investments in AI could increase the annual profitability of insurers by 20%.

Adoption of chatbots—coded programs that can engage in some degree of conversation with human inputs, often through the help of artificial intelligence (AI) or machine learning—is undoubtedly a growing trend. There are thousands of chatbots in use today, on websites, messaging apps, and social platforms. It follows that bots would find a prominent place in the retail world.

Government interest in AI has picked up in recent years, and many government officials are starting to ask the same questions business executives were asking two or three years ago. Governments and large NGOs are starting to invest in AI, spending budget and time on pilot programs for various AI applications and discussions with people in the field on the future implications of the technology.

KPMG estimated the size of the automotive insurance is expected to shrink by 70% due to the rise in demand for autonomous cars and the shift in liability then being placed on the car manufacturer. With the rise of AI in most sectors, it follows that AI would find its way into the automotive insurance world. AI may allow car insurance companies to keep up with an evolving consumer base that is looking for faster service, faster payouts, and policy prices tailored to them.

Episode Summary: What makes chatbots or a conversational interface actually work? What kind of work does one need to do to get a chatbot to do what one wants it to do? These are pivotal questions and questions that for most business leaders are still somewhat mysterious, but that's exactly what we're aiming to answer on this episode of the AI in Industry Podcast.