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Benefits and the Concerns of ChatGPT 

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By Colin Crowley – CX Advisor for Freshworks Inc. (NASDAQ: FRSH),

Chatbots and Their benefits for businesses going forward? 

The main benefit will be in the enhanced natural language processing (NLP) of chatbots where chatbots would be able to understand the nuances of customer questions and provide extremely tactical and specific answers. A bot that operates on such a robust level could potentially revolutionize help centers/knowledge bases by removing them all together and reducing all or most knowledge-searching into bot conversations. All of this could lead to an extensive increase in self-service capabilities among customers and the further trend towards only very complex issues being left for increasingly smaller groups of agents.

Key Concerns in Using Automated Tools

Two main concerns…

Downside #1 to ChatGPT is that its advanced AI-based logic could make business leaders overconfident in what chatbots can deliver and result in an over-reliance on chatbots. (Right now, it is easier to understand where chatbots don’t add value because they aren’t as advanced as the ChatGPT version – but ChatGPT could make the limits of chatbots much less obvious.) To counterbalance this, businesses will likely have to get a lot better at understanding. – which is to say metricizing and monetizing – the value of the human component in customer interactions. Currently, most businesses only guess at this or define it anecdotally – but more discipline would be needed in putting data behind it and strategically guiding where to inject human beings into engagements. Simply having a human connection in some cases may be a branding opportunity for business or may be tied to higher long-term lifetime customer value or retention.

Downside #2 to ChatGPT is that, if they become more widespread, one wonders how much they will cost – especially considering that current chatbots, with all their faults, are still very pricey for companies – potentially hurting small business. ChatGPT could create a stark, two-tier system of chatbots, with wealthy companies adopting ChatGPT and smaller companies stuck with more traditional bots. This is still an issue now, but less so, since there are still many common benefits both small and large companies can gain from chatbots, even with current chatbot limitations.

Impact on the broader chatbot/conversational AI industry

I believe this type of technology will help get more companies on board with chatbot adoption, where adoption now can be significantly challenged by ambiguities about how to calculate ROI, concerns about poor chatbot experiences, and a lack of institutional knowledge of how to build chatbots (especially where we still live in a menu-based world where chatbots need to be built). ChatGPT solves many of these issues by clearly being a superior experience, maximizing ROI through deflection, and also involving less building (since the chatbot is NLP-powered, so you’re relying on internal learning rather than building complicated decision trees). Therefore, I feel ChatGPT will help to increase chatbot adoption among skeptics – but again, this has to be taken with the downside of over-obsessing on chatbots.

AI set to permanently change marketing

One major area is that the extremely conversational and intelligent nature of chatbots like ChatGPT – especially when combined with data on customers or prospects – could greatly increase the use cases where chatbots autonomously engage prospects and customers for marketing purposes. You could imagine a world where ChatGPT could manage an entire sales-related conversation with a prospect from start to finish (especially as sales conversations are typically much more pattern-based and regulated than support conversations). Looking at AI more broadly we will likely see the increased personalization of everything and more and more diversified channels for delivering that personalization (like chatbots). This will make companies a lot savvier and more successful in how they position themselves to customers and make it more incumbent on them to tighten in how they form their brand.

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THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

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Extraordinary Women

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

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Reem Finance signs with Network International to accelerate digital transformation

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Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

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Wio Bank Redefines SME Banking with New Embedded Finance

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Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

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