WEBVTT - Bloomberg Markets: Sheth on `Invisble Tech' Behind Chatbots

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<v Speaker 1>All right, Charlie, thank you very much for that update.

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<v Speaker 1>Bloomberg View. Repeal and Replace is dead again, perhaps for

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<v Speaker 1>good this time. What matters now? Will Republicans in Congress

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<v Speaker 1>The other two there was little evidence the other two

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<v Speaker 1>Perhaps organized groups within the party are making noise that

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<v Speaker 1>revive this bill remains possible, but only if either the

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<v Speaker 1>forty eight am and loven forty eight am. Well street

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<v Speaker 1>time right here on Bloomberg Radio. Yeah, let's give everybody

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<v Speaker 1>something to talk about. Chat bots kind of do that

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<v Speaker 1>for you, and we want to talk a little bit

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<v Speaker 1>about what's going on in the world of chat bots.

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<v Speaker 1>Very chef is with us. He's founder and chief executive

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<v Speaker 1>officer of gup shop. Uh does it right? Yeah? And

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<v Speaker 1>gup shop means chit chat. By the way, we're going

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<v Speaker 1>to talk about messaging, So I had no idea. Okay,

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<v Speaker 1>that's really kind of cool. Um tell us a little

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<v Speaker 1>bit about because it's a messaging platform, right, Um tell

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<v Speaker 1>us a little bit about what you guys do. So

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<v Speaker 1>you've been doing it for a few years here, Yeah, exactly,

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<v Speaker 1>I think we've been. You know, messaging is emerging as

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<v Speaker 1>as a platform for building more advanced services, not just

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<v Speaker 1>for person to personal communication, right, so you can do

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<v Speaker 1>e commerce, banking, and I'll talk more about bots in

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<v Speaker 1>a second, But we provide the tools and the and

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<v Speaker 1>the services that that enable businesses to create these conversational

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<v Speaker 1>chat pots, and I expect there will be millions of

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<v Speaker 1>them coming up soon, so so we provide tools for that.

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<v Speaker 1>So if I go to a retail commerce e commerce

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<v Speaker 1>site and I'm having conversation, that's a chat pot exactly.

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<v Speaker 1>So you know, chat boughts are sort of these software

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<v Speaker 1>agents that can have a conversation with you, either by

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<v Speaker 1>text or voice. So it's very natural, very conversational. Is

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<v Speaker 1>it a person I'm chatting with or no, Well, it

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<v Speaker 1>could be pretends to be like that, And in general,

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<v Speaker 1>you know, about eighty percent of it will be automated.

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<v Speaker 1>If it's a complex query would get escalated to a

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<v Speaker 1>human and come back, but it could be. But for

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<v Speaker 1>the end user, it just feels like they're chatting to

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<v Speaker 1>a person, so it doesn't feel any different. It's kind

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<v Speaker 1>of invisible technology but very very powerful. They you know,

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<v Speaker 1>when we talk about bots to uh, you and I

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<v Speaker 1>kind of started talking before we got going here, and

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<v Speaker 1>I mentioned what about barts like in elections, and they're

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<v Speaker 1>you know, kind of putting out certain kind of messages.

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<v Speaker 1>Is it important necessary to make distinctions between I don't know, bots,

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<v Speaker 1>different kinds of boats, bots and chat pots or what? Yeah,

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<v Speaker 1>sort of right, I mean, bots is a much used

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<v Speaker 1>or abused word, if you will, right, and it generally

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<v Speaker 1>refers to any any automated script that can do certain

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<v Speaker 1>things and and of course that can be used for

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<v Speaker 1>you know, hacking and cybersecurity issues and Twitter bots and thinks.

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<v Speaker 1>Those tend to get the news because they tend to

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<v Speaker 1>be controversial. But you know, more specifically, when you talk

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<v Speaker 1>about chat pots, um, you know, these chat parts are

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<v Speaker 1>sort of much more request and response the the the

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<v Speaker 1>user as secquery the bots response to you. Think about

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<v Speaker 1>Serie thinks, think about Alexa or or even on text, Faceoo,

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<v Speaker 1>Messenger and so on. Right, So it's it's much simpler.

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<v Speaker 1>They're there to serve, to support, to answer to your queries,

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<v Speaker 1>and that that actually is a very large and growing

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<v Speaker 1>field that's going to emerge very quickly. How complex are

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<v Speaker 1>there's algorithms are codes in terms of creating a chat,

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<v Speaker 1>so they're getting better, right, I mean that's what we

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<v Speaker 1>do in terms of providing tools and so on. Right.

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<v Speaker 1>But but you could start with the simple frequently asked

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<v Speaker 1>question list and if qu list based on which the

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<v Speaker 1>chat part sort of understands that for these kind of questions,

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<v Speaker 1>here are the kind of answers, right, And once that's done,

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<v Speaker 1>so so the the area called natural language processing or

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<v Speaker 1>n LP. N AI tools are getting better every day.

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<v Speaker 1>So so developers are building these richer experiences. But the

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<v Speaker 1>other thing to remember is, look, when you're ordering pizza,

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<v Speaker 1>I mean, it's a very limited conversation, right, You're not

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<v Speaker 1>trying to discuss a lot of topics. You can put

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<v Speaker 1>on topic pizzas but accommodation, but a medical question or

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<v Speaker 1>something to do with my financial portfolio, right exactly. But

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<v Speaker 1>but what I'm saying is you're not trying to have

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<v Speaker 1>a discussion on the philosophy of life, right. So so

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<v Speaker 1>it's when you limit the scope it's easier to build

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<v Speaker 1>these converse stations. Where do we see chat pots well,

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<v Speaker 1>well entrenched already, where will they go? So I think

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<v Speaker 1>you know in in many different ways that they're already happening. Actually,

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<v Speaker 1>if I can just step back for a second, right,

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<v Speaker 1>the reason why there's so much buzz around chat pots

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<v Speaker 1>is sort of it's a it's a big platform shift.

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<v Speaker 1>And what I mean by that is every decade or so,

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<v Speaker 1>the way we use computers changes, right, So in the

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<v Speaker 1>mid eighties it was all about desktop and desktop applications.

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<v Speaker 1>Mid nineties, the wavy use computers was through browsers and websites, right,

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<v Speaker 1>and then in the mid two thousand's it became all

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<v Speaker 1>about smartphones and mobile apps. And now we're moving to

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<v Speaker 1>this new era, if you will, a new platform, namely

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<v Speaker 1>the messaging app and bought right, so, so you could

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<v Speaker 1>use Facebook, Messenger, Slack, Telegram, or use Alexa, Cie and

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<v Speaker 1>so on, and then connect with these with these chat pots, right. So,

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<v Speaker 1>so it's a very very broad based phenomena. You will

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<v Speaker 1>have millions of boats, just like there are millions of

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<v Speaker 1>websites and apps for every everything you do. I'm trying

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<v Speaker 1>to think who was that we talked to? That's what

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<v Speaker 1>happens to a brain. But basically said that we're getting

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<v Speaker 1>to a point where you're going to walk home and

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<v Speaker 1>put your phone down. It's not going to become the

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<v Speaker 1>center of your it's not going to be the center

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<v Speaker 1>of your universe like it kind of is today, where

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<v Speaker 1>you still walk around the house with your phone, kind

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<v Speaker 1>of downs to you that you will, you know, communicate

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<v Speaker 1>with sirie through a home device. We've already seen it

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<v Speaker 1>with Alexa. That that will become kind of the nucleus,

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<v Speaker 1>if you will, of everything. Yeah, in fact, I would

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<v Speaker 1>already started. Or actually, I think you're just gonna have

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<v Speaker 1>a lot more devices, a lot more pervasive chatbots. Right,

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<v Speaker 1>So even in the office, you may have audio devices

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<v Speaker 1>sitting everywhere you go to the mall, the airport, bank, branches,

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<v Speaker 1>and so on. Doesn't that become intrusive though kind of

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<v Speaker 1>allowed society? So yes, and no, I think in private

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<v Speaker 1>context inside a kiosk, you may speak loudly, but you

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<v Speaker 1>could do it through text. If you're in a public place,

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<v Speaker 1>you'd obviously do it through text you're not talking to anybody,

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<v Speaker 1>or it could be through a headphone or headset or something, right,

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<v Speaker 1>So, so so I think it doesn't need to change sort

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<v Speaker 1>of societal norms. But but, but the bigger point is

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<v Speaker 1>everything you do today on websites and apps you now

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<v Speaker 1>do through a chat pot, through a conversation, right. And

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<v Speaker 1>the good thing about conversational stuff is instead of people

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<v Speaker 1>having to behave like computers, you're gonna have computers behaving

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<v Speaker 1>like people, right, um, which means they answer queries that

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<v Speaker 1>you have, natural language, freestyle queries, so so no training required,

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<v Speaker 1>easier to use, much more intuitive, you get straight to

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<v Speaker 1>the point, and so on and so forth. We've kind

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<v Speaker 1>of been doing it in our cars for a while, right,

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<v Speaker 1>exactly so, because you've got to be driving, you out

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<v Speaker 1>of your hands, hands on the wheel, but you can

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<v Speaker 1>talk to your car and have things that are voice

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<v Speaker 1>activated exactly so in the home, in the car, in

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<v Speaker 1>a kiosk, of course, voice would be fine. What does

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<v Speaker 1>it mean for the financial industry? Because I we had

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<v Speaker 1>the former CEO of Barkley's, Anthony A. Jenk, at some

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<v Speaker 1>point our TV and he said traditional banks are already

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<v Speaker 1>seeing the start of an uber moment and that they

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<v Speaker 1>may face a CODAC style obsolescence in five years. Oh absolutely,

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<v Speaker 1>I I agree with that, right, because what's going to

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<v Speaker 1>happen is as these bots come about. Think about it, right,

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<v Speaker 1>even individuals will have a personal assistant bots. Imagine I

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<v Speaker 1>will banking board that helps me do all my banking,

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<v Speaker 1>which means, you know, as a as a human consumer,

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<v Speaker 1>I have limited memory time and compute capability, but my

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<v Speaker 1>body which has infinite capabilities. Right, it would never miss

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<v Speaker 1>a payment, It would always you know, it could optimize,

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<v Speaker 1>it could move accounts from one account to another. Very

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<v Speaker 1>different world exactly, so I think it banks will have

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<v Speaker 1>to up their game. Great photography Bebude Chat his founder,

0:09:23.520 --> 0:09:26.360
<v Speaker 1>chief executive officer, cap Shop training us here in our

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<v Speaker 1>New York studio based in San Francisco. This is boom

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<v Speaker 1>Bag Radio