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The stock market is a human-designed, human-run financial system. It was created to give value to corporations. In the 1960s, the average share was held for four years. Now, the average share is held for less than 10 seconds. 

With the introduction of AI to the stock market, it has completely changed the way that the stock market operates. With this rapid buying and selling, companies need to adjust their strategies. There are a variety of industries AI will disrupt – Wall Street being one of them. 

blue and yellow graph on stock market monitor
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How Can Wall Street Benefit From AI?

AI-driven systems can foresee market trends but also help to make the trade better. While there is understandable anxiety about bringing AI into a human-designed market, what if it could be used to avoid bad situations? 

The stock market crash of 2008 occurred on Sept. 29, 2008. The Dow Jones Industrial Average fell 777.68 points in intraday trading.

Check out some more benefits of bringing AI to Wall Street:

  • The ability to analyze millions of data points
  • Being able to execute trades at the optimal price
  • Forecast markets with greater accuracy
  • Efficiently mitigating risk which provides higher returns

Another Benefit of AI on Wall Street

With the introduction of AI to Wall Street, there will no doubt be some jobs that will be replaced by AI. And although this may seem like a “doom and gloom” statement, AI will also introduce new jobs to many industries. New problems will need to be solved, and humans can be the ones to focus on the complex, more interesting issues, while AI works on the rest. Humans will also be needed to ensure that the AI used on Wall Street is working as intended.

Companies that are Making AI Work in Finance

Industries AI Will Disrupt includes Wall Street. A group of men sit around a boardroom table with a large screen TV at the end. Everyone has phones and laptops and they are looking at charts and graphs
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AI is a game changer for the stock market. Electronic trades account for almost 45 percent of revenues in cash equities trading. There are many startups that are building their businesses around the impact that AI can have. Such as:

  • Sentient Technologies Inc: This startup has spent 10 years training an AI system that can scour billions of pieces of data, spot trends, adapt as it learns and make money trading stocks. 
  • Emma: In a new way, this startup launched a hedge fund last year using AI to write news articles.
  • Greenkey Technologies: Greenkey is using AI for trading by incorporating natural language processing technology and speech recognition software to save traders time searching through large amounts of data. 

“Trading is one of the top 10 places that AI can make a difference…a trading algorithm can look at the data, make a decision, act and repeat—you can have full autonomy.”

~ Nello Cristianini

There Are Industries AI Will Disrupt – Time to Get Ahead!

Change is scary. But automation has the ability to take the monotony out of the stock market, leaving the fun stuff for the humans. If you are wondering how you can use AI, reach out to one of our Chatbot Consultants. Save your human workforce for the complex problems.

Data-driven business insights allow you to make strategic business decisions that could give you a distinct competitive advantage. You can glean a surprising amount of strategic business insights from conversational AI chatbots.

An example of a strategic business insight might be that customers often say a competitor’s product is of higher quality. You could obtain these insights from social media, reviews, and even direct contact with customers. But that’s a ton of work. 

AI (or artificial intelligence), using machine learning (ML) and natural language processing (NLP), can help you collect data and show you trends like above, saving time and money. All you have to do is review the insights and develop an action plan to address the opportunity you’ve identified. 

Don’t forget: insights don’t all have to be actionable to have value. Sometimes insights can confirm your theories. Data collected from a chatbot can also give you critical feedback on whether your strategies are working. 

How Do Chatbots Lead to Strategic Business Insights? 

Chatbots collect considerable data through their conversations with your customers. You can mine this data to find out: 

  • what questions your customers ask, 
  • what suggestions they have, 
  • what they want from your products, 
  • and what issues they have most frequently.
Photo by Austin Distel on Unsplash

Let’s look at a simple example. If a restaurant chain has a chatbot, and customers are frequently asking about gluten-free, vegetarian, or vegan options, it could be lucrative for the brand to start adding items to their menu in these categories. Chatbot data can reveal potential future business avenues your team may not have determined on their own.

How Chatbots Help Your Customer Service Strategy

Chatbot data can show you trends in customer issues, from when they’re most likely to occur to the most common complaints, as well as the cause of problems. You can also collect data on customer intent when they are interacting with the bot. You’ll understand at what point during the conversation is the customer getting more or less annoyed or angry. You can then tweak your process to direct those customers to a human representative, and you can look at adjusting your chatbot’s responses to serve customers better.

Even simple interactions with your chatbot can reveal trends about your customers. If your chatbot regularly gets the question: “what location is closest to me?” it might be worth surveying customers for postal codes. Maybe there’s an opportunity for expanding your business to a location you hadn’t thought of previously.

As a bonus, chatbots can also improve your employee experience because they can quickly answer straightforward questions like “when are you open?” This gives your customer service reps more time to deal with more complex questions or problems. It also eliminates repetitive work that can frustrate employees. 

How Chatbots Can Help Your Marketing Strategy

Chatbots are a perfect complement to an inbound marketing strategy. Your content gets people interested and builds trust, while the chatbot is the first friendly and immediately available point of contact. Your chatbot can also provide further information about the items your customers are looking at and can collect their contact details if they’d like to speak to someone. Chatbots could even book appointments with human staff members. 

Chatbot data can show you what information your marketing content is missing by offering you the most frequently asked questions. You can also find out what frustrates your customers and causes them to leave a chatbot conversation without purchasing a product or resolving an issue. Trends identified can lead to a strategy to reach out to these customers with a special offer or discount to get them back as customers. 

How Chatbots Can Help Improve Your Sales Procedures

Chatbots can also lend a hand to your sales department. Similar to your marketing strategies and customer service, chatbots can help save time for your sales team as well. Strategically designed chatbots, especially when integrated with a CRM, could collect contact information and pre-qualify leads for your team to contact. 

A chatbot can also collect the data your CRM needs and fill in the details after a conversation. Think about the time your sales team could save if the first discovery call was effectively completed by a chatbot asking the right questions. Suddenly, your sales strategy can be more tailored to the prospect in question when the first in-person call is made. 

Strategic Business Insights
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Depending on the industry you are in, you might have a chatbot that assists customers in making purchases online. The data collected can help you to change up your sales pages, forms and overall layout to make the experience better for customers. You’ll know from a chatbot when people ask questions, get confused and need assistance. The data from sales bots will help teams and leaders develop the next generation of even more intuitive online shopping experiences. 

Get Strategic Business Insights from Conversational AI

If you have an online business where customers can contact you via your website, on a messenger app or even through a call centre, you will benefit from integrating conversational AI into your business model. The insights gathered from the wealth of data collected are priceless. And as the chatbot continues to improve, the detailed and nuanced data being gathered will continue to direct your strategies in the years to come.

Curious about how you could tap into critical metrics and data analysis in an easy-to-use chatbot dashboard? Book a quick call with one of our consultants today!

As more and more of our lives shift into the online realm, so have many of the services that we use regularly. This includes mental health services and therapy. 

The need for mental health support is reaching all-time highs for many reasons: 

  • Mental health stigma is diminishing 
  • Employers are realizing mental health is an essential part of productivity 
  • People are experiencing unprecedented levels of stress and worry worldwide
A young girl with black hair and a pink sweater and backpack stands on the left side of the frame, in front of a blurry urban scene. The girl stares straight at the camera with a content expression on her face. 

On the right side of the frame a friendly looking white robot, about the same height as the girl, stands facing her, with its hand outstretched towards her. The robot has a touchscreen tablet device mounted on its chest, and it has pink and white flower garlands around its neck.

The girl rests her left hand on top of the robot's outstretched hand.  Could be a mental health chatbot
Photo by Andy Kelly on Unsplash

While demand is at an all-time high for mental health support, access can be full of barriers. An opportunity is emerging though, and it involves embracing AI as an integral part of the therapy process. 

Counsellors have a heavy load of patients, and finding a counsellor in the first place can be challenging. Barriers to access include: 

  • Limited availability
  • Affordability
  • Insufficient policies for mental health care implementation
  • Lack of education about mental health
  • Stigma about mental health

Initiatives like #BellLetsTalk Day are working to breakdown the stigma about mental health while fundraising to support community mental health programs across Canada. Bell has helped fund many programs, and in particular, they have helped support 792,636 Canadians via technology-based mental health programs. Even chatbots are now being used to deliver mental health care.

I received a call from the school nurse, who put my son on the line. My son told me he was very sad and was feeling depressed. I immediately went to my son’s school to pick him up. Before we left, we met with one of the administrators, who helped my son feel a little better. The whole afternoon I couldn’t stop thinking about how sad my son was when I arrived at the school. A few hours later, when I went upstairs for some quiet time, it hit me that my son may be depressed…just like me. What I love about this image is the raw emotion that shows just how hard parenting can be sometimes.
mental health chatbots can help even from the comfort of your bed.
Photo by Claudia Wolff on Unsplash

Mental Health Chatbots In Action

Wysa is an online platform that is accessible to anyone 24/7 for free through an app on iOS or Android devices. The app is described as a buddy to cheer you up and track your wellbeing. It includes daily meditations for mental health, and it can even be used as a family meditation experience. With Wysa, you have support to stay emotionally healthy by: 

  • Tracking your mood
  • Finding optimism
  • Practicing thought reframing with CBT (cognitive behavioural therapy)
  • Reducing sadness

Wysa helps you learn more about mental health and can connect you with a human therapist, who will offer you support via text message. Support from a real human therapist costs just under $100USD a month for four live sessions. In many parts of the world, the average price of seeing a licensed therapist is over $100 per hour. 

Woebot is another app for iOS and Android-based devices that can help you cope with challenging feelings and experiences. The app can prompt you for a check-in every day, to track your moods, and guides you through CBT-based techniques, mindfulness, and Dialectical Behaviour Therapy (DBT). Woebot offers mental health coaching, insights, and skill-building to help you learn to effectively manage your mental health. It’s available when you need it, and it’ll even make you smile with funny jokes and stories. 

Woebot also teaches about mental health and tracks your progress over time. The tracking features of these apps can help identify trends in experiences and times of year that might set off mental health symptoms. 

Some situations are difficult to deal with and you might not know how to cope with them. 😵
Follow these steps to better understand your emotions and deal with them mindfully.
Tag and share this to raise awareness!
Talk through your feelings or vent with Wysa mental health chatbot
Photo by Wysa on Instagram

8 Reasons a Mental Health Chatbot Can Supplement Therapy

Could a conversational AI chatbot help deliver effective mental health treatment? Here are eight reasons you might be looking to a bot for your next therapy session:

  1. Chatbots are available 24/7, whenever people need support.
  2. Mental health chatbots are more affordable than traditional therapy; most are free for users. 
  3. Chatbots can help an individual cope between appointments with their human therapist. 
  4. The patient doesn’t have to go anywhere or dress up for a video call; they just converse with the chatbot from home. 
  5. Chatbots are accessible, providing options for the visually impaired or hard-of-hearing clients. 
  6. Therapists can deploy their chatbots to monitor at-risk patients between appointments in a low-pressure way. 
  7. Many people prefer to talk to a chatbot than to a real human, so they’re more likely to engage. 
  8. Talking to a bot may not trigger anxiety the same way that face-to-face or phone conversations can for some people, making treatment more likely to succeed.

Chatbots can help people get improved access to mental health care services, and bridge a gap for individuals who may not be able to access the services via traditional methods. Mental health chatbots are an excellent step in breaking down common barriers to help people manage their mental health care. 

Reach out to one of our experts if you have any questions about how a chatbot could be put to use in the healthcare industry, and beyond.

Nothing is more exciting to tech lovers than the idea of brand new technology and emerging trends. With 2021 on the horizon, tech will play an important role in helping businesses tackle the challenges of the year ahead. Read on to learn about the top tech trends for 2021.

Try These Top 5 Tech Trends For 2021

  1. Augmented Reality (AR) 

AR remote applications will continue to grow in 2021. In fact, AR content and software are expected to grow at over a 100% consumer growth rate between 2021 and 2025, reaching US$20 billion in total revenue in 2025. Here are some ways that AR will continue to boom in 2021:

  • Complex manufacturing: The manufacturing sector has seen major growth because of AR. Engineers and operators can use AR glasses on the plant floor to help diagnose problems and manage configurations. With intricate design plans available in a heartbeat, manufacturing is faced with less downtime for difficult repairs. Increased productivity = more revenue!
  • Education: Educators and students have been faced with very difficult situations recently. Even the most seasoned teaching veteran has had to rethink the way they teach. Using AR in schools replaces the need for materials like textbooks. AR can also transform the remote learning experience by increasing accessibility and student engagement.
  • Remote expert assistance: AR allows experts to connect with multiple people all over the world. The quality of service is improved because technicians have instant access to any expert they need
Tech Trends For 2021
Photo by Andrea Piacquadio from Pexels
  1. Virtual Reality (VR) 

Virtual reality is a 3-D, computer-generated environment that can be explored and interacted with by a person. By 2021 it’s predicted that there will be 57.1 million VR users in the US. Making it one of the hottest tech trends for 2021. 

Enterprises are poised to create digital 3-D experiences for customers and, in doing so will have first-mover advantage. Here are some unique ways that VR could change the face of some businesses:

  • Education: By introducing VR into the classroom (as well as the remote classroom), students are more engaged and learning becomes fun. From virtual field trips to working in high-tech labs, VR can improve the exposure that students have to in-demand jobs, like those in STEM (i.e. Science, Technology, Engineering, Math). 
  • Healthcare: VR is transforming healthcare. From medical training to disease awareness, medical professionals are able to improve patient treatment.
  • Home entertainment: Home entertainment has come a long way from the days of the rabbit ears. VR can bring a home theatre experience right to the customer, no matter their environment. Oculus Rift headsets, for example, provide an immersive experience for gaming, simulation and movie watching. 
  • Retail: VR allows customers to try-on clothing or glasses. But businesses of all shapes and sizes can get creative and think about how to demo their product or service using this technology to show value upfront. From choosing paint colours to deciding if furniture will fit, VR can change the way customers make purchase decisions.
  1. Conversational AI 

Over the next five years, the conversational AI sector will grow from $4.8 billion to $13.9 billion. Chatbots that run on conversational AI present many different benefits, depending on your company’s specific use case. Here are two example sectors that are being transformed by conversational AI:

  • Healthcare: Chatbots in healthcare can help remove or minimize time spent on administrative tasks. These automated systems can help to improve disease prevention, decrease human error and give healthcare workers more time for the care they provide the most value delivering. 
  • Finance: Using chatbots in the financial sector allows customers to get answers quickly. For example, chatbots can help respond to common questions about services, investments, or how to apply for a lending product. On top of that, the chatbot itself is a listening channel to better understand customers.
  1. Data Storage in the Cloud 

2021 will continue to see an increasing surge of enterprises — even governments — moving workloads to the cloud. Businesses will be looking for increased data storage in the cloud, which will minimize both cost and physical space requirements in the long run. 

To highlight this tech industry’s growth, one particular cloud data warehouse firm, Snowflake, saw a nearly 112% gain by the end of its second trading day. The shift to the cloud also means rebuilding and optimizing stacks so that businesses can achieve a cloud-native implementation.

  1. Cyber Security 

Cyber security is an ever-increasing necessity. Security threats are at an all-time high, and breaches have increased by 11% since 2018 and 67% since 2014. Here are some example companies on the cusp of this technology that are working hard to protect businesses well into 2021:

  • Scanta protects machine learning algorithms from security attacks. The company also works to make a safer conversational experience for companies that employ virtual assistants. 
  • Terranova Security has become a global leader in cyber security awareness. They have over 10 million users and have over 1000 successful phishing and security awareness programs.
  • Packetlabs Ltd offers a variety of services including web and mobile application testing, social engineering, infrastructure penetration testing, and source-code reviews. This Canadian company has clients from a variety of industries. 
Tech Trends For 2021
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Incorporate Tech Trends For 2021 Into Your Business

Keeping ahead of the game in technology is essential for any business. It sets you apart from the competition and it often results in efficiencies over time. Each one of these five tech trends for 2021 will pay dividends to your business, but one of the lowest-risk options is the implementation of conversational AI chatbots. Wondering how to capitalize on conversational AI without the worry of budget overruns or tech that puts your team on-edge from a security standpoint? Reach out to a Chatbot Consultant today to discuss your company’s exact use case.

Chatbot development is becoming more popular as the demand for smart automation increases. The chatbot market is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024. There are a variety of benefits that chatbots offer, depending on your company’s specific use case. Chatbots can deliver many different results; they:

The 5 Best Chatbot Companies

  • Are accessible 24/7
  • Allow for work automation
  • Are cost-effective
  • Allow for faster onboarding
  • Are a virtual personal assistant
  • Allow for increased customer satisfaction
  • Are an alternate sales channel
person using a laptop on a table
Photo by Ron Lach on Pexels.com

There are hundreds of chatbot companies, so it can be hard to find the best one for the needs of your business. We’ve highlighted 5 of the best chatbot companies to save you time.

1. BotsCrew

About: BotsCrew is a global leader in chatbot development with offices in London, UK, and Lviv, Ukraine. Founded in 2016, it designs and develops custom AI chatbots to help small and medium enterprises. BotsCrew prides itself on how effectively it brings unparalleled customer experience to the market. The chatbots ensure workplace routine automation, 24/7 customer support, and high user engagement.  

Specialty: BotsCrew specializes in developing custom conversational AI chatbots for startups and Fortune 500 companies.

Recognitions: 

  • Top chatbot development company by Clutch in 2017 & 2018.
  • Top 30 Artificial Intelligence Companies in 2019 by Techreviewer.
  • Top 50 Chatbot Development Companies in 2019 by Manifest
  • Listed amongst 15 of the Best Whatsapp Chatbot Tools to Use in 2020 by InfluencerMarketingHub

2. Chatbots.Studio

About: Chatbots.Studio is a leading conversational design and UiPath company. It helps to automate businesses and build new communication channels in messenger apps (e.g. Viber, WhatsApp, Facebook Messenger, etc.).
Specialty: Chatbots.Studio specializes in Robotic Process Automation, which delivers high-performance business tasks and processes. Custom AI chatbots help businesses to move their customer experience to the next level.

Recognitions: 

  • #1 Chatbot development company according to Recovendor
  • #2 Chatbot development company according to Clutch 
  • #1 AI developer in Lviv
  • Visa partner
  • Viber partner
  • PrivatBank partner

3. Masters of Code

About: Founded in 2004, Masters of Code combines technology, people and partners to help organizations transform their customer experience to create a competitive edge. They make customer interaction easy and deliver a great customer experience, which translates into their clients achieving their business goals. 
Speciality: Masters of Code specializes in AI-powered chatbots, as well as conversational solutions. 

4. MobiDev

About: Founded in 2009, MobiDev helps businesses create new software products so they can focus on their business and clients.
Specialty: Web development, mobile development (iOS/Android and cross-platform)
and machine learning/AI applications.
Recognitions:

  • MobiDev was awarded #1 place in the spheres of Web, Mobile & Software Development for 4 years in a row.

5. PixelPlex

About: Founded 2007, PixelPlex is a company that transforms cherished ideas into products that perform well, inspire, and win international recognition.
Specialty: IT consulting, customer engagement via UI/UX, and enterprise application development, including customized AI chatbots on multiple platforms.
Recognitions:

  • 350 successful projects
  • $500m raised via solutions they’ve built
  • 2 unicorns captured (Projects valued over $1 billion)
  • 150M end users engaged
  • 100+ qualified specialists
  • 120 countries using our products
best chatbot companies

Chatbots Can Transform Your Business

There are a variety of chatbot developers that can help your company improve customer service and streamline processes. But to fully capitalize on your investment, you need to ensure that the specialty of the developer matches your business’s use case. The fastest way to source the correct development team is by partnering with an experienced chatbot consultant. 

Are you interested in learning how to outsource your chatbot development and project management to save yourself time and money? Get in touch with a Chatbot Consultant today to have your questions answered!