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25 Nov

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How Virtual Agent technology can transform customer care experience in big enterprises.

November 25, 2016 | By |

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In the world of instant tweets and even shorter attention spans, time is at a premium. Every customer – be it a gum chewing millennial, or an octogenarian typing with one finger – is impatient about getting what he or she wants. A slight delay can easily result in a switch to your competitor, or worse – a public rant that can undo years of hard earned reputation. It’s critical that customers get information, have problems resolved and paid attention to, in a jiffy.

Recently in India, Reliance Jio, a fledgling telecom company made waves with rock bottom tariffs. In a quick reaction, BSNL, the state-owned competitor has just offered even lower rates. In fact, BSNL has always had rates way lower than its other, well established rivals. So, you’d think that BSNL would be the market leader, right? Wrong! Its subscriber base as of Feb ‘16 was nearly half that of the top 3. And the reason can be explained in three words – poor (or, slow) customer service.

But, before getting to solutions, let’s first look at the evolving realm of customer satisfaction.

 

Has customer satisfaction changed since the landline era?

Obviously, yes. But, by how much? Well, it’s as wide as today’s broadband spectrum.

According to a Forrester blog, customers prefer to use online means to solve their problems, and use voice calls only as a last resort – an escalation. In fact, mobile and web self-service channels are the preferred options for customers. Web self-service has risen to 76% in 2014, from 67% in 2012. Further, online chat use has gone up to 65% in 2015, from 43% in 2012, and Virtual Agent (VA) use has shot to 58% in 2015, from 28% in 2012. And be assured – these numbers will only climb further.

Customers want quick solutions, using the simplest, most convenient means possible.

 

So, how can a big enterprise ensure customer satisfaction, every time?

sixThe answer is simple enough – resolve problems ASAP.

And the best way to do that is with Artificial Intelligence (AI). This means intuitively understanding any query a customer may have. And, coming up with the relevant answers on the spot, through a mix of past experience (Like chat logs) and product/service information.

 

Er, isn’t Artificial Intelligence called ‘artificial’ for a reason?

That’s exactly why we call it Intelligence Automated! Today’s AI technologies are extremely good at judging customer intent, like CIRA. It uses Natural Language Processing (NLP) and Machine Learning (ML) to deliver a customer experience that feels ‘human’, even though there is no actual person involved. It is this engine that drives the Virtual Agent technology.

With this, the earlier models of decision trees and fixed ‘if-then’ sequences have been abandoned. Instead, statistical models are used to come up with the probability of a number of possible solutions being correct, and you get a flexible, probabilistic decision making system – with highly accurate results.

 

Here’s how VA tech can get your customers as satisfied as a kid with a candy bar

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You solve problems for good

The best virtual agents anticipate what the customer is really asking for, and delivers the right answer in the shortest number of steps. This applies irrespective of whether a customer is seeking to buy something, have a problem solved, or do some research. Further, it can be applied to all sorts of verticals, from the very obvious eCommerce, to finance, travel & tourism, real estate, insurance, and more.

You’re open 24x7x365

threeThis is especially relevant to big enterprises. When the globe is your marketplace, your customers are awake in a variety of different time zones. With VA technology, you get your customer service up and running every day, all the time.

 

 

 

Cultural barriers are a breeze

Again, when your customer can come from any part of the world, understanding different cultural nuances are a must. And, surely you’ll agree that machines are easier to train than humans!

With VA technology, you can easily address an Australian as ‘mate’, and a Spaniard as ‘amigo’. You can also ask a Briton about his ‘holiday’, while asking an American about his ‘vacation’. To train people to handle such differences consistently would cost a bomb, if possible at all.

You have multiple channels of engagement

fourThe VA can be used across myriad channels. You can deploy it on the web. You can use it for voice chat too. Better still, you can use it on social media, like on Facebook chat. With this, the customer need not come to you – you can be right where the customer is.

 

 

 

You understand customers better

With the large amount of data collected, that too in a more or less structured format, you get a comprehensive idea of what customers really want, and what their problems mostly are. You can apply the same knowledge to better your product, streamline your services, or even come up with new offerings.

What’s more, if a customer has broken off his interaction, and comes back later, the VA would know exactly where to pick the conversation up from. With people, the second call could go to another person, and the customer would have to tediously explain from scratch.

You can handle a large volume of customers

fiveIrrespective of how many customers contact you, no matter how many times, the VA is capable of handling it. And if needed, you can scale up in a flash, as most VA systems are on the cloud. Or, you can just source some new hardware.

 

 

Your customer care executives are happier

Any rare issue that cannot be solved by the VA, will reach your executive with its complete history, and he or she will know exactly what is required. Mostly, just the finishing touches will be needed. Add to that fewer calls to your personnel, and they will definitely be a happy group.

 

At Cognicor, we use patented technology to deliver intuitive Virtual Agents, that allow you to satisfy customers 24×7, 365 days a year. We offer multiple means to help you deliver customer satisfaction across the board. We also have vast experience in a variety of verticals. Do find out how our cofounder Dr. Sindhu Joseph’s PhD thesis became the most talked about new thing in AI, check out our whitepapers and case studies, visit our site, or email us: info@cognicor.com

 

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24 Nov

By

When small is big – why working in a startup beats that big, ordinary, Co.

November 24, 2016 | By |

There are many ways to look at a job. One is to consider it as a way of earning bread and butter, but – it’s just a job. Another, is to consider that unless you’re born into royalty (And even they’ve got
to work these days!) or win a lottery, you’ll spend most of your adult life working. If that’s boring, your life is. If it’s fun, it adds a lot of energy and enthusiasm to the other parts of your life.

If you’re after the latter, there’s no better place to maximize most of your moments on earth, than at a startup! Here are some reasons why:

 

Challenges and Changes

quote_imagesWorking at a startup can make you feel alive! The last time you’d have learnt so much, in so little time was in school. Every day comes with its own share of challenges. And each challenge is an opportunity to learn something new. Do something new. And achieve something new. Sometimes, it appears that the only constant is change. And for positive thinkers, that means you’re never bored!

As Steve Jobs said, “It’s more fun to be a pirate, than to join the navy.”

 

 

Your work touches real people’s lives

quote_images8At a startup, your work is not neatly slotted into a big project, only to be forgotten about. More likely than not, you’re creating something of real value, influencing real people in one way or the other.

The best part is, your effort could make that grow – even, from thousands to millions. And that’s
perhaps the greatest motivator, powering you with creative and intellectual juices, to become better, day after day. It’s also fills you with a real sense of pride. This effect separates you from the rest of your peers, and adds a spring to your step every day.

 

 

 

You learn everything about your field

In a big company, you’re likely to end up as a small cog in that big efficient wheel, that turns
quote_images2efficiently, relentlessly, day after day, year after year. You mostly become very good at what you do – after all, you often keep doing the same thing, day after day, year after year.

But, at a startup, you’re going to be handling many things at once. The designer does everything from the website, to user experience, to posters. The one writing code, is also involved in the architecture, as well as in testing how well that code runs. It means you get to deal with the bigger picture, become in effect a ‘manager’ in your field, and get all the credit for all you do!

 

 

The power to change

The startup mantra is, by necessity – ‘less rules, more freedom’.

quote_images3At a startup, you get to voice and implement your own ideas. Because there are no set ‘processes’
or ‘procedures’, anything new that you come up with is always considered with an open mind.

You’re always welcome to challenge the status quo. After all, there is no status quo. Because startups are always looking for any advantage they can get, good ideas are always implemented. By you. You get to think up, express, and implement ideas and projects close to your heart. You’re free to follow your passion.

You become a very important person, with a real impact on the company.

 

 

Politics? What politics?

At a startup, there usually aren’t any layers between you and the decision makers. What you do or don’t, is visible to everyone. So, performance is rewarded. And underperformers are noticed, which is a good thing. It gives the management as well as the person a chance to understand why, and figure out what can be changed. Or, understand a role where they can fit in better.

 

 

The privilege of working with founders

Founders are usually special people who are very good at what they do – often the best in their quote_images4field. In a big company, getting a chance to interact with people of that caliber is usually rare.
There are a lot of people who ask for their time, and they only have as much time as the rest of us.

In a startup, though, you can learn from them – how they think, work, and respond to different situations. They’re passionate, driven and inspiring. They always teach you in more ways than you can imagine.

This exposure and mentorship is priceless.

 

 

Freedom from endless meetings

Anyone who’s been in a big company will know all about pointless committees and endless quote_images5meetings. They are a drain on time, often serve no purpose, and come in the way of what you’re there for – delivering awesome work.

At startups, time is at a premium. There’s so much we can all do, that no one wants to waste anybody else’s time. At Cognicor, there are daily standup meetings for some employees, which lasts 5 minutes. And two 10-minute weekly standups for everyone, at the start and end of the week. Project standups happen when needed, and are over in quick time. Any other meeting is just between the individuals concerned.

How cool is this Steve Jobs meeting at NEXT?

 

 

Transparency, communication, fun

At a startup, everyone knows everyone. There’s no place for pretentions. Or ego. There is quote_images6nowhere to hide, both professionally and personally. This simply inspires people to give their best.

This closeness results in open communication. Often, you don’t need to send an email – just walk over and talk. Or just yell from one side of the office to the other! When you want to get things done, a conversation or two is all it usually takes.

Better yet, it also results in a lot of fun. Everyone knows each other’s weaknesses. And no one loses an opportunity to pull someone else’s leg – there usually is a big database to pick from!

 

 

Opportunities to grow

quote_images7Working in a startup is great leadership training. You get the chance to experiment, learn, and
grow. You learn to express your ideas, convince people, and implement them. You get experience in setting and managing expectations. You’re a team player. And at the same time, a leader too.

At a startup, you get both recognition and responsibility. And this means you can lead as you choose, as you please. The opportunity is always there. You just need to grab it!

 

 

You get life lessons every day

quote_images9At startups, you don’t learn new things every day. You learn it every minute.

There are times when you stand up and fight for your ideas. At other times, you negotiate. Sometimes you lay on the charm. Sometimes you complain. You learn to take risks. Fight. Convince.

There are times when the solution is not obvious – you got to find it. And often, it means asking around – dipping into the expertise around you. At a startup, ‘google’ is often the person beside you!

You become a risk taker. A decision maker. And mentally very, very flexible.

 


Startups are very cool. And as they grow, the challenge is to retain the energy, verve, speed and spontaneity of the early years!

Want to work in a cutting edge AI startup with five patents? Join us. We’re always looking for people with aptitude and attitude. Nothing else matters – the people here range from PhDs to dropouts! Do learn more about what makes us special from our cofounder Dr. Sindhu Joseph’s interview.

See our current openings here. To join the excitement, send your resume to: jobs@cognicor.com

24 May

By

Reasons why Virtual Assistant is Potential Solution for Real estate

May 24, 2016 | By |

Reasons why Virtual Assistant is the Untapped Potential for Real estate

(This blog is for real estate companies or property listing websites. Talks about Artificial Intelligence and how real estate could benefit from the latest tech development Virtual Assistant)

The Problems with Real Estate companies or a Property listing website is that many customers are disconnected from someone who can actually assist them throughout their buying journey.Brokers sure are an option offline but the charges and the patience to deal with them as the middle man creates a lot of chaos.

Real Estate and Property listing websites lose a lot of customers clicking away unable to get assistance, and to the reluctance to share their contact details upfront.Since the Real Estate sales are not based on impulse buying, a lot of Property developers are now adding chat support to tap potential customers for further nurturing.

What is a Virtual Assistant?

Artificial Intelligence have given us various technological advancements. Through Artificial Intelligence, we humans have learnt to make the whole HUMAN-MACHINE interaction easier and simpler.In recent times, anyone could use a system/robots as technology has made it possible for machines to understand human language. Now when a website is concerned a actual robot cannot be placed, but we could always use a miniature version which is actually system built on Artificial Intelligence but completely capable of understanding human conversation.

This in our times are known as Virtual Assistants.  

In this post we discuss how Virtual Assistant (a.k.a virtual agent or in short VA) can improve your business and tips to maximize the benefits.

How will virtual agent help?

The demand for “instantaneous engagement” will grow. Virtual Agent is a service that will grow with it.

  • Engage Better: Virtual Agent is for those Property hunters who don’t want to get involved with a broker and don’t want to send an email to the broker.
  • Real Estate Chat: Virtual Agent in Real Estate enables your brand to be there with real-time, on-screen help the moment home buyers want it. Whether mobile or desktop, Customers can instantly message to get the answers they need to decide where they’ll next call home.
  • Anytime: Our Virtual Agent would make sure to answer and capture leads 24/7, we’ll make sure you don’t miss an opportunity.
  • Everywhere: Websites, Mobile Apps, Landing Pages, Social Media.. Wherever home buyers find you, they can chat or text with Virtual Agent. Even better? Your team receives all the chat history.
  • Full Control: With Built-in permission-based rules, tracking, lead management system integration and conversation transcripts, you have access to every contact, every message and more.
  • Rich Analytic: Make your every engagement smarter, more relevant and more likely to convert prospects into buyers. From chat and text performance reports (pinpointing improvement opportunities) to behavioral targeting, Dashboard’s  rich analytic can help.
  • Diversify your services: Everyone knows that your agency will help them buy or sell a house. However, do clients know that you offer comparative market analysis? With VA customers can visit your site, ask questions about comparing two localities etc.,

To maximize the benefits of a Virtual Assistant on your website, there are few things to be taken care from your end.

  • Best NLP and Domain Modeling: NLP stands for Natural Language Processing and is the ability of systems to process the natural human language and understand it to be able to produce a response for it. This sure depends on the service provider you select, the ability to understand your customer’s intent is what makes a Virtual Assistant an instant success. The VA should not be build over few FAQs or keywords instead should be built over domain so variations in your customers sentences can be still understood by VA.
  • Positioning of the VA: The VA has to be represented as your brand’s avatar so that people instantly connect with it. Placing it with customized avatar and naming it after your brand, people would trust the system and engage better. Also the webpage on which the VA is placed also plays an important role on the success of the VA. Placing it at the most promoted project webpage or placing it on the home page can give customers easy access and immediate connect.

Chat bots and Virtual Assistants have been lately the talk of the town, with Google launching it’s own Virtual Assistant, we all should be preparing to interact more with machines in times to come. And for tapping more customers online, VA looks as the best bet till now.

Happy Chat-bots to you!!

For more details:You could contact CogniCor Technologies (the best in class NLP, Virtual Assistant built on domain modelling and hence doesn’t depend on keywords or FAQs)  India +91 484 2415600 USA +1 201 615-2062

06 May

By

One simple way to Increase Lead Generation

May 6, 2016 | By |

One simple way to Increase Lead Generation & 5 reasons why it’s the best way…

With advancement in technology, a lot of sales have moved from Brick and mortar stores to online. But that does not mean our shopping preferences have changed. According to annual consumer survey by PwC (PricewaterhouseCoopers) conducted in 2015, 40 percent of consumers make purchases inside a physical store at least once a week, compared to just 27 percent who do the same online.Even though online shopping may be easier than going to a store,the problem is customers are disconnected from someone who can answer them in real time with accuracy, round the clock.

We lose customers to not being able to provide assistance round the clock, or cos our old school static FAQs are not enough to answer them. It’s time we let innovations take over and provide us a superior customer service.

With so many factors affecting a buyer’s journey, how can we effectively increase sales or the least generate more leads from our static websites?

Current System and problems:

  1. Contact Forms: The major stream to of lead generation are contact forms. Which works mostly for clients really really interested into the solution you are providing. How would you nurture the leads who are mere visitors wanting to get their curiosities answered.
  2. Subscribe: Only when your content is adding value someone would actually give away email ids. No one likes being asked for contact coordinates upfront.
  3. Call centers: There are enough research data to show how people just would prefer to abandon their online journey than calling up the customer centers. And this would not be effective alone in generating more leads.
  4. Live chats: The assistance is amazing, but faces a lot of issues when it comes to managing high traffic, giving updated information in fraction of seconds, providing superior customer care, the operational costs (Manpower and infrastructure cost).

Current Need: What currently online businesses require is a superior system which can handle the above mentioned problems and nurture the leads enough for your sales teams to take up. A system that answers queries, that collects coordinates, stays online 24*7, and gives personalized attention to individual visitors.

One Solution: Cognitive Digital Assistant.

Best solution of all:

It’s Artificial Intelligence based and hence gradually learns to be smarter with time and more interactions.

It’s built on NLP, semantic searches and hence understands your customers queries in natural language. No keywords or FAQ ever.

Since it’s cloud based and works without any human intervention, It is available 24*7 and can handle any number of customers on any given time.

With the help of various algorithms, it can calculate confidence score of a customer and acquire contact coordinates easily.

Easy switch to live agents/ call centers. Anytime, your customer wants to interact with a real agent, the switch would happen naturally without delays.

For more details:You could contact CogniCor Technologies (the best in class NLP,virtual Assistant built on domain modelling and hence doesn’t depend on keywords or FAQs)  India +91 484 2415600 USA +1 201 615-2062

 

 

 

 

 

26 Feb

By

Top Ex-HP Executive, Vyomesh Joshi handpicks a startup

February 26, 2016 | By |

Vyomesh Joshi, also known as VJ who is the former Executive Vice President of Imaging and Printing group of Hewlett Packard, joins CogniCor advisory board. Mr. Joshi was responsible for all worldwide printing, scanning and digital camera platforms at HP.  VJ is a silicon valley veteran, who has led successful digital transformation from the very early days of Silicon Valley.

His deep insights into complex challenges of some of the world’s largest enterprises and strong grasp of innovative technology translates into very strong strategic advice for CogniCor, especially at a time when CogniCor is expanding in the US Market. VJ will be advising the leadership on sales, strategy and growth in the US.

11 Jan

By

In Conversation with “Federal Bank”, winner of IDRBT Banking Technology Excellence Award 2014-15 for Digital Banking, Analytics and Big Data in the mid-sized banks segment

January 11, 2016 | By |

Here is the story of John Doe, the customer who wants to know about loan and the procedure to get one. He is excited as he doesn’t have to move from his desk to know all of those details. He visits bank’s website and “Ta Da aaaaa” he lands to an excessively informative webpage. Suddenly, John has a problem, he forgot his login ID, and there are too many links regarding loan. He tries static search bar to find answers- nothing’s helping! He needs an assistant from bank to help him, but he has a tight schedule so going personally to the bank is impossible and he HATES the call center experience and LOATHES dialing numbers (for credit card dial 1, for personal banking dial 2 so on and on).

There are many more people like John, who would rather break their heads to figure out solutions than call customer support. Customers have to be happy from the very start of their journey at your website. According to a survey, 67% of customers visit company website first for answers, that is 2 out of every 3 customers. This means there should be an easy way to get answers from the website.

To solve this problem, many businesses are deploying Solutions backed by Artificial Intelligence. Famously known as Virtual Agent or Virtual Assistant, these cognitive digital assistants solve customer queries and issues quickly, smartly and accurately. You may wonder “Are these digital assistants effective in managing tons of visitors and their (Almost) repetitive queries?”

So, we bring to you “In conversation with Federal Bank” (Winner of IDRBT for 5 consecutive years). Mr. Amith Kumar P, Senior Manager, Service Quality Department discusses how “Ask Anita” has helped customers and gave a whole new look to customer service right from their website. Read on to get a quick insight about “Ask Anita”/Virtual Agent.

Q. Why did you decide to implement virtual agent on your website? What were your expectations?

Being a Bank, we have a lot of data in our corporate website. Information regarding our 50+ products and services, investor related presentations, regulatory guidelines, press releases, career related information etc. are all posted in our website. Our contact center executives were finding it increasingly difficult to provide timely responses to customer queries with a high degree of accuracy.

We were on a look out for an innovative solution to address this problem. Moreover, we wanted to provide our customers with a unique user experience while accessing our website. We came to know about the virtual agent and thought it could help us in addressing customer queries, promptly and with the desired degree of accuracy. Switching to virtual agent was a risky proposition as no other Indian Bank had such a facility at that time.  We conducted a thorough testing of the product and implemented it once we were satisfied with the same. We are glad that the users really liked it.

Q. When implementing virtual agent, what aspects of your service you wanted to improve?

We wanted to improve the following two parameters with the implementation of virtual agent:
  1. Accuracy of responses – Being a financial service provider, accuracy of information passed on to our customer is of paramount importance as any lapse in this regard may result in financial and reputational loss for our customer as well as the Bank.
  2. Reduction in time taken for responses – In this busy world where time is invaluable, a delay in service is as bad as denial of service. We wanted our customers to get immediate response for their queries.
Q. What was the measure of success with the implementation, which part did you find the most important?
Customer appreciation is the ultimate measure of success for any initiative.  Most of our customers were really happy with the virtual agent chat facility. We did receive a few negative reviews but they were negligible in comparison. We were really happy that the initiative really improved the user experience.

Q. “Ask Anita” in one sentence?

Cost Effective solution to provide a unique and pleasant UX to your website visitors.

Federal Bank launched Ask Anita, a Virtual agent services from CogniCor Technologies in the late July2015. Since then close to 37,407 chats have been recorded till date, this has resulted in approximately 30,000 customer enquiries being resolved without any human intervention.

CogniCor Technologies have also deployed Virtual Agents for other esteemed clients like HDFC and  PropTiger, stay tuned to read more such customer stories.

14 Dec

By

How to turn your Customer Complaints to Opportunities?

December 14, 2015 | By |

In an article by Gartner published in November 2015, John Lovelock had written how relationship between machines and humans was becoming more collaborative. He describes further, if smart machines or virtual workers take over jobs that don’t add value, or are repetitive mundane drudgery, we humans could focus on more value additions and make our jobs a lot better.
Virtual assistants have been in market for quite some time for now. A research by Forrester “It’s time to give Virtual agents another look” dated December 2009 also suggested how businesses could take advantage of virtual assistants or virtual agents. There are many players who provide NLP based Virtual Assistants today and a lot of contents intended to educate corporates about the how Virtual Assistants can be the answer to a good customer service at your website, or how it can be increase “Search to Cart”/ “Website Conversion” Rate.
Adding to these features, what more a virtual assistant can do is: Convert customer complaints to opportunities for your business to grow. We live in a competitive era, for every business there are different solution providers. If you don’t make your customers happy or give them a good customer service, they would definitely switch to your competitor for a better experience. In a study by Accenture, “The New Realities of ‘Dating’ in the Digital Age: Are customers really cheating or are you just not paying enough attention?” dated 2012, 66% of internet users worldwide switched companies because of poor customer service.
To understand how a virtual assistant can help you turn your customer complaints into opportunity, we bring you a simple video. Watch this video to learn about opportunities hidden in a customer complaint.
Happy customer service!

07 Dec

By

CogniCor Technologies bags the Express IT awards 2015

December 7, 2015 | By |

December is a month of lights, snow and feasts; time to make amends and tie loose ends; finish off what you started and hope your wishes come true. Now what could be merrier than wining another award as year comes to an end.
CogniCor Technologies is honored to be awarded the Express IT awards 2015 by the Financial Express. CogniCor Technologies won runners up award for the “I.T Innovation Award-MSME” category.
The awards discover, recognize and reward IT initiatives that have enabled businesses to go beyond the ordinary, and also have a positive impact on the community at large. The I.T innovation category awards felicitate innovations by IT companies that have transformed or have the potential to transform their clients’ business.
The Jury included an eminent panel of corporate strategists, academicians and thought-leaders from IT industry – Krish Gopalakrishnan, Rajan Anandan, R Chandrasekhar, T.V. Mohandas Pai, and Professor Sadagopan.
Dr. Sindhu Joseph, CEO & Co-Founder saysWe are delighted to hear the news. To be hand-picked by an elite panel of veterans who literally built the Indian software story is something extremely rewarding. Express IT awards recognizes companies with proven innovations that have demonstrated their value and translated it into business profits for clients. This confirms CogniCor’s value proposition in delivering smart customer care for enterprises and consumers leveraging latest advances in AI and cloud technologies.”
CogniCor Technologies, backed by team of AI researchers, develop Cognitive Digital Assistant for enterprises. The Virtual Assistant CIRA can handle product queries, recommendations and process hand holding in complete natural language.

This December is definitely something to be remembered by CogniCor. Happy December!!

23 Nov

By

Why Cognitive Virtual Assistant is important for Financial Institutions?

November 23, 2015 | By |

There are so many products and services we get from a bank these days. And information about all of them is available on the respective bank’s websites. But too much information and a poor search tool will only leave customers confused and helpless. This is where a cognitive digital assistant can help customers with answers they have been looking for sitting at their desks in the comfort of their workplaces or homes.

Why Cognitive Virtual Assistant is important ?

An example of not finding the right information on a very informative website : One of the leading international banks has so much information on their website, that one could only wonder how to get what exactly is required. Even with chatbot, it fails to answer few genuine queries in simple understandable manner.

Why is it difficult to find what we look for?

When it comes to customer self services, Financial institutes still use the “Old School” static FAQs and site search. These services are majorly based on Keyword searches. So until customers enter a correct keyword or tag, finding a relevant answer is going to be an uphill task.

How can Cognitive Virtual Assistant/ Agent help?

A cognitive or in other words Natural Language Processing based Virtual Assistant understands the whole meaning of the query asked instead of understanding just the keywords. The virtual assistant/agent performs semantic searches and gives the freedom to the customer to ask any incorrect or unstructured or complex questions.

Bank / Financial Institutes Perspective:

In this competitive age, having multi-channel customer engagement is a must. A virtual assistant is not just an online smart answering machine. Virtual assistants can engage customers in conversations, drag attention to interesting offers, do comparisons between different products and service (in the same category),helps improve sales by referring the right product at the right context.

Wiki pages or a BPM (Business Process Management) related documents are important for many financial institutes. These wiki pages contain any information an employee would require to stay updated or require to answer any query of a walk-in customer at the branch. Recently, an IT Executive of a famous bank complained that even though they had an amazing Wiki Page, most of the employees were unable to utilize it to the fullest. Too much data, extra-ordinary search results made the employees more perplexed. Virtual Assistant is the answer to this.

Last Words…

A simple truth today, also backed by many researches is that customers and prospective customers search their answers online. Confused, unhappy and unanswered customers are not something any industry can afford anymore. Needless to say that customer satisfaction is increasingly getting to be directly proportional their engagement with the host site-a realm in which virtual cognitive assistants would have a major role to play in the years to come.

17 Nov

By

Gartner’s Top Prediction for our Digital Future

November 17, 2015 | By |

The famous American information technology research and advisory firm Gartner, Inc. recently released its predictions for our Digital Future.
The article has an interesting insight into how it would feel to be Human in a digital world. The writer starts off with a scene from our digital future – “You walk into a store to try on clothes and ask the digital cuatomer assistant embedded in the mirrror to recommend an outfit in your size, in stock and on sale. Afterwards, you simply tell it to bill you from your mobile and skip the checkout line.”
The scenarios typically describe a prediction in which algorithmic and smart machine driven world where people and machines define harmoniuos relationships. At Gartner Symposium/ITxpo 2016 in Orlando, Daryl Plummer, Vice President, distinguished analyst and Gartner Fellow, discussed Gartner’s Top predictions.
Gartner’s Top Predictions
1. Contents like shareholder reports, legal documents, market reports – press releases and whitepapers would be written by Robo-writers.
2. By 2021, ! million new IoT devices would be sold every hour and organisations will have to develop strategies and mechanisms for “giving help and support” to IoT devices.
3. By 2020, autonomous software agents outside of human control will participate in 5 percent of all economic transactions.
4. By 2018, about 3 million of us would be supervised by a “robo-boss”.
5. At the end of 2018, 20 percent of smart buildings will be suffereing from digital destruction.
6. 45 percent of the fatest-growing companies will have fewer employees and more instances of  smart machines by the year 2018.
7. Digital Customer Assistants would be developed to recognize individuals by face and voice across channels and partners and by end of 2018, customer-digital assistants would hold human like conversations. 
8. Almost 2 million of us would be wearing health and fitness tracking devices by 2018.
9. By 2020, it would be the post-app era where 40 percent of mobile interactions will be through Virtual Personal Assistants.
10. In 2020, almost all the cloud security failures will be customer’s fault.
If we go by Gartner’s predictions, there are more deep issues surrounding the digital world in which we would be living in years to come. The one good thing from this prediction is that Customer experience will take a big leap forward, which will involve digital customer assistants engaging and servicing customers. Various businesses have already realized the potential of digital customer assistants and have adopted them for their customer support systems.
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