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Speaker 1: You are listening to Bloomberg Markets. It is even forty
Speaker 1: eight in the Bay Area and to forty eight on
Speaker 1: Wall Street. The following is from Bloomberg View Opinions in
Speaker 1: commentary from Bloomberg columnist. I'm Jonathan Bernstein, a columnist form
Speaker 1: Bloomberg View. Repeal and Replace is dead again, perhaps for
Speaker 1: good this time. What matters now? Will Republicans in Congress
Speaker 1: here a sustained effective push from the White House to
Speaker 1: revive a viable bill? The Republicans in Congress here are
Speaker 1: sustained effective push from Republican alligned interest groups. Will Republicans
Speaker 1: in Congress here from rank and file Republican constituents who
Speaker 1: were outraged that the promise they ran on for the
Speaker 1: last seven years may disappear without a vote? We know
Speaker 1: the answer to the first question. No one expects any
Speaker 1: kind of serious effort from this White House or this president.
Speaker 1: The other two there was little evidence the other two
Speaker 1: times the bill died that either Republican party actors or
Speaker 1: Republican voters cared very much. Perhaps this time will be different.
Speaker 1: Perhaps organized groups within the party are making noise that
Speaker 1: elected politicians can hear, but we can't. So far, it
Speaker 1: doesn't appear to be happening. Yes, a real attempt to
Speaker 1: revive this bill remains possible, but only if either the
Speaker 1: Republican Party or its voters demanded. I'm Jonathan Bernstein. For
Speaker 1: more of you, please go to Bloomberg View dot com
Speaker 1: or view go on the Bloomberg terminal. These has been
Speaker 1: Bloomberg View and Bloomberg View commentaries can be heard every
Speaker 1: week at this time, also at five eight am, A
Speaker 1: forty eight am and loven forty eight am. Well street
Speaker 1: time right here on Bloomberg Radio. Yeah, let's give everybody
Speaker 1: something to talk about. Chat bots kind of do that
Speaker 1: for you, and we want to talk a little bit
Speaker 1: about what's going on in the world of chat bots.
Speaker 1: Very chef is with us. He's founder and chief executive
Speaker 1: officer of gup shop. Uh does it right? Yeah? And
Speaker 1: gup shop means chit chat. By the way, we're going
Speaker 1: to talk about messaging, So I had no idea. Okay,
Speaker 1: that's really kind of cool. Um tell us a little
Speaker 1: bit about because it's a messaging platform, right, Um tell
Speaker 1: us a little bit about what you guys do. So
Speaker 1: you've been doing it for a few years here, Yeah, exactly,
Speaker 1: I think we've been. You know, messaging is emerging as
Speaker 1: as a platform for building more advanced services, not just
Speaker 1: for person to personal communication, right, so you can do
Speaker 1: e commerce, banking, and I'll talk more about bots in
Speaker 1: a second, But we provide the tools and the and
Speaker 1: the services that that enable businesses to create these conversational
Speaker 1: chat pots, and I expect there will be millions of
Speaker 1: them coming up soon, so so we provide tools for that.
Speaker 1: So if I go to a retail commerce e commerce
Speaker 1: site and I'm having conversation, that's a chat pot exactly.
Speaker 1: So you know, chat boughts are sort of these software
Speaker 1: agents that can have a conversation with you, either by
Speaker 1: text or voice. So it's very natural, very conversational. Is
Speaker 1: it a person I'm chatting with or no, Well, it
Speaker 1: could be pretends to be like that, And in general,
Speaker 1: you know, about eighty percent of it will be automated.
Speaker 1: If it's a complex query would get escalated to a
Speaker 1: human and come back, but it could be. But for
Speaker 1: the end user, it just feels like they're chatting to
Speaker 1: a person, so it doesn't feel any different. It's kind
Speaker 1: of invisible technology but very very powerful. They you know,
Speaker 1: when we talk about bots to uh, you and I
Speaker 1: kind of started talking before we got going here, and
Speaker 1: I mentioned what about barts like in elections, and they're
Speaker 1: you know, kind of putting out certain kind of messages.
Speaker 1: Is it important necessary to make distinctions between I don't know, bots,
Speaker 1: different kinds of boats, bots and chat pots or what? Yeah,
Speaker 1: sort of right, I mean, bots is a much used
Speaker 1: or abused word, if you will, right, and it generally
Speaker 1: refers to any any automated script that can do certain
Speaker 1: things and and of course that can be used for
Speaker 1: you know, hacking and cybersecurity issues and Twitter bots and thinks.
Speaker 1: Those tend to get the news because they tend to
Speaker 1: be controversial. But you know, more specifically, when you talk
Speaker 1: about chat pots, um, you know, these chat parts are
Speaker 1: sort of much more request and response the the the
Speaker 1: user as secquery the bots response to you. Think about
Speaker 1: Serie thinks, think about Alexa or or even on text, Faceoo,
Speaker 1: Messenger and so on. Right, So it's it's much simpler.
Speaker 1: They're there to serve, to support, to answer to your queries,
Speaker 1: and that that actually is a very large and growing
Speaker 1: field that's going to emerge very quickly. How complex are
Speaker 1: there's algorithms are codes in terms of creating a chat,
Speaker 1: so they're getting better, right, I mean that's what we
Speaker 1: do in terms of providing tools and so on. Right.
Speaker 1: But but you could start with the simple frequently asked
Speaker 1: question list and if qu list based on which the
Speaker 1: chat part sort of understands that for these kind of questions,
Speaker 1: here are the kind of answers, right, And once that's done,
Speaker 1: so so the the area called natural language processing or
Speaker 1: n LP. N AI tools are getting better every day.
Speaker 1: So so developers are building these richer experiences. But the
Speaker 1: other thing to remember is, look, when you're ordering pizza,
Speaker 1: I mean, it's a very limited conversation, right, You're not
Speaker 1: trying to discuss a lot of topics. You can put
Speaker 1: on topic pizzas but accommodation, but a medical question or
Speaker 1: something to do with my financial portfolio, right exactly. But
Speaker 1: but what I'm saying is you're not trying to have
Speaker 1: a discussion on the philosophy of life, right. So so
Speaker 1: it's when you limit the scope it's easier to build
Speaker 1: these converse stations. Where do we see chat pots well,
Speaker 1: well entrenched already, where will they go? So I think
Speaker 1: you know in in many different ways that they're already happening. Actually,
Speaker 1: if I can just step back for a second, right,
Speaker 1: the reason why there's so much buzz around chat pots
Speaker 1: is sort of it's a it's a big platform shift.
Speaker 1: And what I mean by that is every decade or so,
Speaker 1: the way we use computers changes, right, So in the
Speaker 1: mid eighties it was all about desktop and desktop applications.
Speaker 1: Mid nineties, the wavy use computers was through browsers and websites, right,
Speaker 1: and then in the mid two thousand's it became all
Speaker 1: about smartphones and mobile apps. And now we're moving to
Speaker 1: this new era, if you will, a new platform, namely
Speaker 1: the messaging app and bought right, so, so you could
Speaker 1: use Facebook, Messenger, Slack, Telegram, or use Alexa, Cie and
Speaker 1: so on, and then connect with these with these chat pots, right. So,
Speaker 1: so it's a very very broad based phenomena. You will
Speaker 1: have millions of boats, just like there are millions of
Speaker 1: websites and apps for every everything you do. I'm trying
Speaker 1: to think who was that we talked to? That's what
Speaker 1: happens to a brain. But basically said that we're getting
Speaker 1: to a point where you're going to walk home and
Speaker 1: put your phone down. It's not going to become the
Speaker 1: center of your it's not going to be the center
Speaker 1: of your universe like it kind of is today, where
Speaker 1: you still walk around the house with your phone, kind
Speaker 1: of downs to you that you will, you know, communicate
Speaker 1: with sirie through a home device. We've already seen it
Speaker 1: with Alexa. That that will become kind of the nucleus,
Speaker 1: if you will, of everything. Yeah, in fact, I would
Speaker 1: already started. Or actually, I think you're just gonna have
Speaker 1: a lot more devices, a lot more pervasive chatbots. Right,
Speaker 1: So even in the office, you may have audio devices
Speaker 1: sitting everywhere you go to the mall, the airport, bank, branches,
Speaker 1: and so on. Doesn't that become intrusive though kind of
Speaker 1: allowed society? So yes, and no, I think in private
Speaker 1: context inside a kiosk, you may speak loudly, but you
Speaker 1: could do it through text. If you're in a public place,
Speaker 1: you'd obviously do it through text you're not talking to anybody,
Speaker 1: or it could be through a headphone or headset or something, right,
Speaker 1: So, so so I think it doesn't need to change sort
Speaker 1: of societal norms. But but, but the bigger point is
Speaker 1: everything you do today on websites and apps you now
Speaker 1: do through a chat pot, through a conversation, right. And
Speaker 1: the good thing about conversational stuff is instead of people
Speaker 1: having to behave like computers, you're gonna have computers behaving
Speaker 1: like people, right, um, which means they answer queries that
Speaker 1: you have, natural language, freestyle queries, so so no training required,
Speaker 1: easier to use, much more intuitive, you get straight to
Speaker 1: the point, and so on and so forth. We've kind
Speaker 1: of been doing it in our cars for a while, right,
Speaker 1: exactly so, because you've got to be driving, you out
Speaker 1: of your hands, hands on the wheel, but you can
Speaker 1: talk to your car and have things that are voice
Speaker 1: activated exactly so in the home, in the car, in
Speaker 1: a kiosk, of course, voice would be fine. What does
Speaker 1: it mean for the financial industry? Because I we had
Speaker 1: the former CEO of Barkley's, Anthony A. Jenk, at some
Speaker 1: point our TV and he said traditional banks are already
Speaker 1: seeing the start of an uber moment and that they
Speaker 1: may face a CODAC style obsolescence in five years. Oh absolutely,
Speaker 1: I I agree with that, right, because what's going to
Speaker 1: happen is as these bots come about. Think about it, right,
Speaker 1: even individuals will have a personal assistant bots. Imagine I
Speaker 1: will banking board that helps me do all my banking,
Speaker 1: which means, you know, as a as a human consumer,
Speaker 1: I have limited memory time and compute capability, but my
Speaker 1: body which has infinite capabilities. Right, it would never miss
Speaker 1: a payment, It would always you know, it could optimize,
Speaker 1: it could move accounts from one account to another. Very
Speaker 1: different world exactly, so I think it banks will have
Speaker 1: to up their game. Great photography Bebude Chat his founder,
Speaker 1: chief executive officer, cap Shop training us here in our
Speaker 1: New York studio based in San Francisco. This is boom
Speaker 1: Bag Radio