Virtual chat bots
That said, despite the weaknesses of this disruptive technology in its current form, it is still possible to garner commercial value from chatbots.The data processing power of Artificial Intelligence and machine learning is formidable – but applying this to too many things at once makes it difficult to be effective.More of our online interaction with customer services is probably not going be with a human, but more likely with an artificial intelligence-powered chatbot.Investors looking to benefit from this in 2017 need to know which businesses will make the best use of AI and the vast amounts of data needed to drive the technology, according to Beijia Ma, equity strategist at Bof A Merrill Lynch.
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Sure, Alexa and Siri can tell you the weather, play your favourite Spotify playlist, search the internet on your behalf, and manage your diary – but ask them to book you a ticket on the next train home, order an Uber, or tell you your bank balance and they’re stumped. First off, most chatbots are designed to be generalists, offering support on a wide range of tasks faster and cheaper than a human executive assistant.
The problem is that these ‘virtual assistants’ don’t have access to the information they need for the provision of more complex support.
Open data is fine, but when it comes to proprietary data like medical or banking information, they simply don’t have the permissions.
Moves towards open banking are on the horizon, opening up the opportunities for bots to offer these services.