FinChatBot

Ever seen the show ‘Mythbusters’? If you haven’t, allow me to offer a brief synopsis: two experts examine popular and long-running rumours and myths and, through science experiments, attempt to debunk those myths.

Conversational AI may need its own version of ‘Mythbusters’. As interest in this field continues to grow at an astonishing rate, so does the inevitable range of rumours, myths and misconceptions. While it is natural for people to approach any new technology with caution, believing these misconceptions may prevent companies from fully exploring the possibilities that conversational AI and chatbots can present.

Get ready to debunk five of the most common AI myths with us! While there won’t be any experiments, hopefully, you’ll find enough evidence to let go of the misconceptions and finally take the AI plunge.

Myth 1: Using An AI ChatBot is Just Too Risky!

A popular rumour floating around the stratosphere is that AI chatbot technology is simply way too risky. After all, if you look carefully enough, you’re bound to find an article or report where a chatbot failed dismally or caused extreme harm, right? 

The truth is that even the most intelligent AI chatbot can be a risk if not handled properly. The easiest way to mitigate risk is by setting out a proper strategy for the chatbot, doing sufficient testing before launching the bot and continually performing maintenance to ensure that the chatbot performs at the expected level. 

In short, make sure your chatbot is properly equipped to handle the task. Risk averted (or at least reduced).

Myth 2: Chat Bots Are Designed to Mimic Humans!

AI conspiracy theorists would have us believe that AI chatbots are simply designed to replicate human behaviour. According to them, chatbots fool customers into believing that they’re talking to a real human being.

Once again, this is not true. While chatbots can recognise human speech and respond to it appropriately, they are not created to mimic humans. Most companies that use conversational AI will indicate to customers that they are interacting with a virtual assistant or chatbot.

Myth 3: ChatBots will Destroy Jobs!

This long-running myth, popularised in many a movie, would have us believe that AI chatbots will inevitably take over jobs that humans do. The growing implementation of AI in fintech and other workspaces has no doubt fuelled this narrative, leading many in the customer service arena to fear that they may soon be out of a job.

The truth: AI chatbots will not replace customer service staff; instead, they are designed to help them. Many chatbots will be able to deal with the most basic questions that consumers usually ask. This ultimately frees up human agents to handle more complex and intricate queries. Through this process, service agents will acquire new skills and increased knowledge as they handle bigger problems.

Myth 4: Customers Don’t Want to Talk To a ChatBot!

Wait, surely this can’t be a myth? Of course, customers would want to interact with a live human agent, rather than a chatbot, right? It’s only logical!

Well, science indicates otherwise. A recent consumer study revealed that 54 per cent of individuals would always choose a chatbot over a human customer service agent. This actually makes perfect sense when you think about it. 

Today’s consumer operates in a fast-paced world. Chatbots offer customers the ideal route to resolving their queries quickly and efficiently. As many chatbots are available 24/7, they are also convenient, since customers don’t have to wait till 9 am on Monday morning to handle their problem.

Myth 5: Building a ChatBot Is Simple!

The worldwide web abounds with promises of quick and easy ways to develop a chatbot. Much like those ‘get-rich-quick’ schemes, these promises ultimately fall flat. The reality is that building an intelligent AI chatbot, one that properly understands human intent takes time and effort. Your business is better served by using a top provider to build your chatbot and train it to effectively do what you need.

There you have it. Five of the most popular conversational AI myths debunked. Truthfully, most of these misconceptions are rooted in a lack of knowledge regarding the subject of AI. The best way for any corporation to separate fact from fiction is by doing their research. 

Speak to top chatbot providers like FinChatBot and ask questions. Doing so will likely dispel any fears around these myths.

Written by Dayle Gordon (Marketing Co-ordinator at FinChatBot)

 

Put FinChatBot to the test!

At FinChatBot, our conversational AI solutions are created to solve business problems. Our passion for technology ensures that we remain on the cutting edge of development with regards to Conversational AI. Our software constantly learns and assimilates information to provide a personalised experience for each customer.

The tone, language, and approach is customisable to meet the ethos of your brand. We accomplish this mission by using existing messenger services (especially WhatsApp) to meet customers where they’re at, with a platform that they are comfortable with.

If you are interested in integrating conversational AI into your business to solve business problems and better serve customers, click here to request a demo.

See what we're all about

Request a demo