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Electronic bill pay startup BillHero is launching a Facebook Messenger chatbot.
The bot will allow BillHero users to add new bills or pay existing bills through Messenger. In order to maintain security, customers will select from their payment methods in the BillHero app rather than on Messenger. That allows only nonsensitive information, like the last four digits of a credit card number, to be transmitted through Messenger as an additional layer of consumer data protection.
In addition, each session will be uniquely authenticated via SMS code in order to maintain security. For context, other financial firms have partnered with Messenger for chatbots, including Bank of America and American Express, but don’t offer bill pay functionality.
Increasing reliance on mobile technology could make the chatbot a success.
- Users are seeking out mobile bill pay opportunities more frequently than in the past.Users are migrating to mobile bill pay, likely because of the convenience it adds — visits to biller websites from mobile phones grew 42% over the past year, and billers are responding by adding additional payment options on phones, according to Fiserv.
- BillHero’s bot could capitalize on that search for convenience by making bill pay even easier. Bots allow users to perform a task within a messaging platform that would normally be done in a separate app. Since many BillHero users are likely active on Facebook Messenger — the service counts over 900 million monthly active users globally — becoming active on the platform could be more convenient than the BillHero app, which could increase BillHero engagement.
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:
- AI has reached a stage in which chatbots can have increasingly engaging and human conversations, allowing businesses to leverage the inexpensive and wide-reaching technology to engage with more consumers.
- Chatbots are particularly well suited for mobile — perhaps more so than apps. Messaging is at the heart of the mobile experience, as the rapid adoption of chat apps demonstrates.
- The chatbot ecosystem is already robust, encompassing many different third-party chat bots, native bots, distribution channels, and enabling technology companies.
- Chatbots could be lucrative for messaging apps and the developers who build bots for these platforms, similar to how app stores have developed into moneymaking ecosystems.
In full, the report:
- Breaks down the pros and cons of chatbots.
- Explains the different ways businesses can access, utilize, and distribute content via chatbots.
- Forecasts the potential impact chatbots could have for businesses.
- Looks at the potential barriers that could limit the growth, adoption, and use of chatbots.
To get your copy of this invaluable guide, choose one of these options:
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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.