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Mastercard announced that it will be introducing a chatbot that will give both merchant and bank partners the ability to engage directly with consumers through a number of messaging platforms.
With Mastercard KAI, Mastercard's bot for banks, US consumers will be able to ask questions about their accounts, see their purchase history, and even learn about rewards and benefits through Facebook Messenger. Merchant partners will also get chatbot capabilities through Mastercard, this will allow customers to shop on messaging platforms such as Facebook Messenger, and then check out using MasterPass.
Chatbot integration could help Mastercard and its partners build a larger digital presence while reducing costs.
Advancements in artificial intelligence, coupled with the proliferation of messaging apps, are fueling the development of chatbots — software programs that use messaging as the interface through which to carry out any number of tasks, from scheduling a meeting, to reporting weather, to helping users buy a pair of shoes.
Foreseeing immense potential, businesses are starting to invest heavily in the burgeoning bot economy. A number of brands and publishers have already deployed bots on messaging and collaboration channels, including HP, 1-800-Flowers, and CNN. While the bot revolution is still in the early phase, many believe 2016 will be the year these conversational interactions take off.
Laurie Beaver, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on chatbots that explores the growing and disruptive bot landscape by investigating what bots are, how businesses are leveraging them, and where they will have the biggest impact.
The report outlines the burgeoning bot ecosystem by segment, looks at companies that offer bot-enabling technology, distribution channels, and some of the key third-party bots already on offer. The report also forecasts the potential annual savings that businesses could realize if chatbots replace some of their customer service and sales reps. Finally, it compares the potential of chatbot monetization on a platform like Facebook Messenger against the iOS App Store and Google Play store.
Here are some of the key takeaways:
In full, the report:
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of chatbots.