Chatbots for payments

Chatbots are changing how we communicate with business every day. Potential customers can ask questions, seek advice, place orders and make payments with the assistance of chatbots designed to simplify the customer’s journey. Technology also offers the advantage of comparing previous activity in order to better predict future actions.

This data mining allows chatbots to “learn” from past actions and to apply this information to curate more customized forward-looking experiences. Chatbots also give businesses the ability to provide on-demand customer service that does not rely solely on physical customer service teams.

I defined for myself 4 ways in which chatbots are changing the face how businesses deliver billing information and accept online payments from their customers.

1. Quick responses to frequently asked questions regarding billing and payments
2. Precise communications with customers
3. Savings in costs
4. Accessibility for all type of companies (SME and corporations both)

Additionally, the innovation behind the bots, i.e. identification of machine-learning patterns, can also provide benefits in fraud detection, and research is underway to create more powerful tools that recognise threats that humans may overlook and more conventional IT protection mechanisms.

Looking ahead, the AI-based chatbot platform could provide more support for IT teams and take on some voluminous tasks such as penetration testing.

We will also provide IT support which means IT departments can be more involved in tracking and handling security files.