APIs to transform customer experiences will increase
Mumbai: The country is expected to witness the rise of Application Programming Interfaces (API) to transform customer experiences, a report by marketing technology company Hansa Cequity on Friday said.
API will play a key role as a revenue driver for brands, it added.
"Riding on API the economy will require a radical shift in thinking where organisations will have to focus on creating superior experiences and not operations and applications. Organisations will need to have a seamless integration of APIs with their business goals thus creating superior customer value," the global report said.
It noted that in India, the DigiLocker initiative by the government is an example of APIs which have enabled and created a financial marketplace.
Targeted at the idea of paperless governance, the is a platform for issuance and verification of documents and certificates in a digital way, thus eliminating the use of physical documents.
The study also noted that the emergence of conversational chatbots that understand human emotions and languages and serve as a digital companion to consumers, has been a game-changer in marketing.
The global chatbot market size is estimated to grow to $3 billion by 2021 from $700 million in 2016 and it observed that 80 per cent of companies surveyed worldwide, plan to launch their own chat bot by 2020.
It noted that most organisations use chatbots today to enhance efficiencies.
However, it did not provide the Indian numbers for the chatbot market.
"In India, several financial services organisations are leveraging conversational bots to simplify user engagements," it said.
It pointed out that HDFC Bank has tied up with Niki.ai, AI firm, to bring in conversational banking, chatbots facilitates, commerce and banking transactions without exiting the chat window. Chatbot is presently available on Facebook messenger where it can be used for e-commerce transactions like booking a cab, ordering food or paying bill.
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