Indian Chatbot Industry Outlook
It is quite evident that the Indian chatbot scene is on fire and 2017 has been a great year for the industry both in terms of the number of adoptions & the interest shown by businesses in the chatbot technology. The rise of messaging platforms & advances in artificial intelligence has created a perfect environment for chatbots to flourish in.
There are some wonderful examples of making effective use of chatbots in India itself. Let’s have a look at some of them.
HDFC Bank’s Eva stands out from the crowd and has received a wonderful response from the masses. Eva has so far addressed more than 2.7 million queries and as per the bank, it has maintained an accuracy level of 85 percent with an uptime of 99.9 percent. The bot was built by the team of Senseforth.ai to help customers get their queries resolved.
ICICI Bank’s iPal, launched in February of this year has also seen a good response and has handled more than 6 million queries with an accuracy of nearly 90 percent. It helps resolve customer queries, make microtransactions like bill payment, funds transfer & much more.
PNB Metlife launched their chatbot Dr. Jeevan this year to help users know their health quotient and educate them about Cancer & Heart-related illnesses using interactive videos. It is available on FB Messenger.
Bajaj Allianz launched their chatbot “Boing” to help customers get a soft copy of their policy, register complaints, locate insurance branches, check policy status & much more.
Yatra launched its own bot on FB Messenger to help customers search and book a flight directly from the app. Yatra aims to enable customers to self-serve themselves.
Meru became the world’s first cab services provider to offer to book through a chatbot with the launch of its bot in 2016. The bot is available on FB Messenger.
Titan, India’s leading watchmaker & Lifestyle Company launched a chatbot on its online store to help improve their user engagement & attract millennial shoppers who are looking for convenient ways of shopping online.
Shopsense, a Mumbai-based retail technology startup launched Fify which is said to be the world’s first fashion shopping “botfriend”. Fify enables customers to discover products & make transactions using a chat interface.
The chatbot market is huge and is expected to reach $3,172 million by 2021. Tech-giants like Facebook, Google are all placing their bets on this technology. The Indian market is also seeing stiff competition with many nimble startups having sprung up in a short span of time. Let’s have a look at some of them
There is tremendous untapped potential in this domain. Chatbots are well poised to disrupt the market and make conversational UI the default way of interaction between businesses & customers.
Millennials who form the major share of the population in India are both open to new technologies and actively looking for self-service solutions. Needless to say, having multilingual support will be crucial for chatbot platforms as non-English internet users are expected to grow by 18 percent till 2021, compared to English speakers who are expected to grow by just three percent (KMPG & Google Study, 2017). Forward-thinking businesses will benefit from early adoption of chatbots & it can really propel them to make a positive impact on their brand equity as well as bottom line.
Author: Satyam Kapoor
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