Emerging Technology in Automation: Digital Assistants
The financial services industry is at the forefront of adopting and using technological advances. Among the innovations finding their way into the finance sector are artificial intelligence (AI), machine learning, structured query language (SQL) and Python coding, and digital assistants.
These emerging technologies enable players to:
- Quickly onboard new credit card customers
- Instantly trade stocks online
- Automate some parts of the trading process to run with little to no human intervention
What Is a Digital Assistant?
A digital assistant (or predictive chatbot) is an advanced program designed to simulate a conversation with users mainly over the internet. Digital assistants utilize advanced artificial intelligence (AI), natural language understanding and processing, and machine learning to pick up and process information that it then uses to provide a personalized experience in a conversational style.
Digital assistants learn and combine information concerning homeownership, purchase preferences, family size, location, and user history to respond to complex questions, make predictions, initiate conversations and offer appropriate recommendations.
Benefits of Current Digital Assistants
Businesses in the financial sector and other areas find digital assistants quite beneficial in improving efficiency and offering needed assistance to staff and customers. Benefits include:
- Additional services. With the help of digital assistants, business owners can provide more services to their employees and clients. This is because chatbots can handle routine customer requests so that their employees can focus on more critical tasks.
- Cost saving. Digital assistants enable firms to relate and connect with their customers and employees without incurring human representatives’ time and expense.
- Improved service. Digital assistants, once they learn customer needs and preferences, will always be accurate and have more natural conversations. Their responses are quick and precise, which boosts customer satisfaction.
- Reduction in human error. Today’s digital assistants anticipate upcoming events and provide reminders for tasks that need execution.
- Scaling. When business owners use a digital assistant, they can provide personalized, humanlike, helpful service to thousands of clients simultaneously. They can also scale up and down according to their needs and preferences.
- Learning on the go. Emerging digital assistants are designed to gather real-time insights, making businesses responsive to customer needs, and leading to a better user experience.
Digital Assistants’ Strongest Use Cases
Digital assistants’ use cases by businesses are projected to expand significantly over the next three to five years, and are expected to generate $8.9 billion in revenue by 2025, according to Tractica research.
The report projects considerable advances in natural language processing (NLP) and other forms of AI, such as machine learning and deep learning. These technological advancements expand the use cases for enterprise AI-driven digital assistants beyond customer service and marketing into other applications with the potential to generate more software-related revenue.
The use of digital assistants is changing how things are done in the financial sector and other industries. Ghost Mountain can help recruit the right people to transition your business toward the future. We offer reliable and proven recruiting services for finance and accounting staff. Talk to us today to discuss how we may be of assistance.