Retail News CRM

Tag: bots

  • CommBank Launches AI Bots to Combat Scams and Enhance Customer Security

    CommBank Launches AI Bots to Combat Scams and Enhance Customer Security

    The Commonwealth Bank of Australia (CBA) is leveraging the power of artificial intelligence to combat the rising tide of scams targeting unsuspecting Australians. In an innovative move, the bank has deployed “a fleet of thousands of AI-powered bot profiles” specifically designed to engage with scammers, gather crucial intelligence, and disrupt their illicit operations.

    AI Bots on the Frontlines Against Scams

    This impressive initiative comes from Apate.ai, a cyber-intelligence firm that evolved from Macquarie University. Each day, Apate.ai unleashes thousands of these smart conversational bots to thwart scammers who rely on text messages and voice calls to deceive their victims. The launch of this bot network follows a successful pilot program from late 2024, showcasing the potential of AI in consumer protection.

    A Honeypot System for Scammers

    At the core of Apate.ai’s operations is an innovative “honeypot” system, explained Dali Kaafar, the company’s CEO and founder. In collaboration with telecommunications partners, the firm maintains an expansive and ever-growing array of dedicated phone numbers that are specifically designed to attract scammers. “When a scammer dials or messages one of these numbers, they actually engage in conversations with one of our AI-powered bots and not a person,” Kaafar elaborated, emphasizing the ingenious trap set for fraudsters.

    The Evolution of Retail security

    The integration of such technology marks a significant step not just in banking but across the entirety of retail, as businesses grapple with the constant threat posed by scammers. While traditional methods of fraud prevention still have their place, the adoption of advanced AI technologies offers a fresh line of defense, transforming the way retailers and banks protect their customers and maintain their trust.

    With creativity and intelligence, CBA and Apate.ai are setting a precedent that may very well redefine how industries combat financial fraud in the digital age. In a world where scams are becoming as common as avocado toast on brunch menus, it pays to have sophisticated tools in your corner.

    Questions & Answers

    How is Commonwealth Bank using AI to combat scams?
    The Commonwealth Bank of Australia is utilizing a network of thousands of AI-powered bots to engage with scammers, gathering intelligence and disrupting their operations.

    What technology underpins Apate.ai’s scam-fighting strategy?
    Apate.ai’s approach is based on a “honeypot” system that employs dedicated phone numbers designed to attract scammers and engage them in conversations with AI bots.

    Why is the integration of AI significant for the retail industry?
    The use of AI in combating scams represents a revolutionary step for the retail industry, as businesses increasingly adopt advanced technologies to protect consumers and safeguard trust.

  • Boomtime ahead for chatbots in E-commerce

    Boomtime ahead for chatbots in E-commerce

    New data from Juniper Research predicts consumer interaction with chatbots in retail will reach 22 billion by 2023.

    The figure represents a sharp increase over an estimated 2.6 billion interactions this year.

    According to the new research report “AI in Retail: Segment Analysis, Vendor Positioning & Market Forecasts 2019-2023”, chatbots in retail will enable effectively automated customer interactions for both online and offline vendors.

    A crucial enabler of this development will be improvements in NLP (Natural Language Processing), which will dramatically reduce the failure rate of chatbot interactions, by making them more natural and valuable for customers.

    Juniper anticipates that retailers who do not adopt chatbots will face strong challenges from more technologically-adept disruptors, who will use chatbots as an extension to the crucial omnichannel retail experience.

    The research also found that chatbots used for customer service have a strong potential to reduce costs; with deployments realizing annual savings for retailers of US$439 million globally by 2023, up from just $7 million this year.

    These potential savings will act as a key “pull” factor, given the margin pressure that many retailers are presently feeling.

    “By embracing automated customer service with chatbots, retailers can act in a more flexible and efficient way,” explained research author Nick Maynard. “The wider retail market means that chatbots are no longer a luxury, they are essential.”

    Meanwhile, sales resulting from interaction with chatbots in retail will reach $112 billion by 2023, up from $7.3 billion this year; representing an annual growth rate of 98 percent.

    The research found these sales will largely be a result of migration from other channels, rather than a new revenue stream. Accordingly, the research emphasized that while retailers must adopt chatbots for ease of use (and to reduce consumer churn), their return on investment will come from efficiencies, rather than new income.

  • Shoppers prefer human interaction over bots, says study

    Shoppers prefer human interaction over bots, says study

    New research reveals 75 per cent of shoppers prefer live-agent support for customer service verses 25 per cent support for self service and chatbots. The research, from cloud contact-centre operator NewVoiceMedia, identified consumer concerns about sharing sensitive information, a lack of understanding of bots and their inability to resolve issues.

    “Chatbots can provide customers with quick answers to frequently asked questions or issues, and the survey notes the benefit of chatbots for certain interactions, such as 24-seven service,” the survey’s authors concluded.

    But when it comes to handling sensitive financial and personal information, most customers are more comfortable with a live agent, and just 13 per cent say they would be happy if all service interactions are replaced by bots in the future.

    Foremost among consumer concerns about using chatbots include:

    • A lack of understanding of the issue (65 per cent).
    • The inability to solve complex issues (63 per cent).
    • The inability of chatbots to provide answers to simple questions (49 per cent).
    • The lack of a personal service experience (45 per cent).

    While less than half of the people surveyed (48 per cent) said they would be willing to use chat bots for service – versus the 38 per cent who wouldn’t – 46 per cent also felt that bots kept them from reaching a live person.

    Banks (82 per cent) and medical services (75 per cent) were the businesses that people were least likely to want to deal with bots.

    Customers prefer live agents for technical support (91 per cent); getting a quick response in an emergency (89 per cent); making a complaint (86 per cent); buying an expensive item (82 per cent); purchase inquiries (79 per cent); returns and cancellations (73 per cent); booking appointments and reservations (59 per cent); and paying a bill (54 per cent). However, when asked about buying”a basic item”, 56 per cent would choose a chatbot over a live interaction.

    The top benefit cited for dealing with chat bots was 24-hour service.

    “When a situation becomes emotional or complex, people want to engage with people”, says Dennis Fois, president of NewVoiceMedia. “As businesses add more customer service channels, conversations are becoming more complex and higher value, and personal, emotive customer interactions play a critical role in bridging the gap for what digital innovation alone cannot solve,” he said.

    “For this reason, companies must find the right balance between automation and human support to deliver the service that customers demand. Frontline contact centre teams will continue to be the difference makers on the battlefield to win the hearts and minds of customers, and organisations deploying self-service solutions should ensure that there is always an option to reach a live agent”.

    There is a sense consumers may warm to chatbots in the future, however, given that younger respondents (aged 18-44) were more open to using chatbots overall and across the individual scenarios compared to older consumers (45-60+).

    Lees ook: