Chatbot Company Profile: SnatchBot in 2018

SeaKnight By SeaKnight, 19th Jun 2018 | Follow this author | RSS Feed | Short URL http://nut.bz/32h_7ej3/
Posted in Wikinut>Business>IT & Ecommerce

Start of a series of focus pieces on varying AI, tech companies.

Introduction

Israel continues to grow as a hotbed of technology and startup activity, with many companies maturing fast and attaining global reach. One such example is SnatchBot, the cloud chatbot platform provider that’s evolving in a rapidly changing market.

The company was founded in 2015, with the SnatchBot platform arriving in 2017. With a focus on allowing end-users to create chatbots without any friction or prior knowledge or coding skills, the company and market has moved on fast. It recently launched a paid-for subscription to remove the SnatchBot branding for businesses. It also adds a Pro-level tier of support to help customers with specific requests or requirements.

The company is also partnering with more platforms such as LINE to add more channels for partners to publish their chatbots on, and there’s more to come including Telegram and Viber support in summer. A major addition will be voice support in the coming weeks, which has generated interest from major brands and global businesses as bots become an essential part of their strategy.

All of this activity comes as growth in interest and business use of chatbots for marketing, sales and internal use grows rapidly. Chatbots increasingly appear as the future of customer communications, helping businesses swamped with queries deal with increasingly complex requests and helping to build data models of customers that can help firms better understand their clients.

As user or worker engagement becomes of pivotal importance to every business, all verticals from health to power companies, retailers to shipping and high street brands are using chatbots to drive these efforts forward.

About SnatchBot

Founded in 2015 by Henri and Avi Ben Ezra, SnatchBot is, as the name suggests, a business entirely focused on chatbots. Located in the tech hub of Herzliya Pituach in Israel, it caught the rise of commercial and consumer-focused chatbots early, with its template-based approach helping thousands of sites and businesses create their first bots.

As the market and products mature, it is pacing developments across the industry to meet the needs of customers, adding services like natural language processing, and support for a wider number of platforms, wherever a business needs a chatbot, SnatchBot can provide with scalability in the system supporting huge numbers to meet the needs of major businesses and smaller companies. .

The free cloud service, with easy-to-use design tools, analytics allows anyone or any business of any size to create and publish a bot. That means small teams can work within a company to produce a bot for their department, without waiting for IT approval or the need to hire a coder for the task.

SnatchBot continues to make the news in Israel and around the world, punching above its weight in a competitive category. Offering a product that businesses need, and demystifying the technology that many others like to hype as magic, it remains in a strong position for 2019 and beyond.

Opportunities and Challenges

The vast opportunity in the chatbot market is one that SnatchBot can capture thanks to its open approach to creation and publishing. The market in the banking sector alone with will be worth over $2 billion by 2024, according to research. Other markets such as hospitality and travel, also see massive growth as they struggle to deal with customer queries.

Challenges come as most major vendors now, or will soon, offer a chatbot product alongside their AI tools, customer relations management or social media packages. Soon, any business will be able to pick and train a chatbot from a wide range of sources.

This will require SnatchBot and other specialist vendors to focus on product friendliness, the need to add personality, the ability to customise and other features that larger vendors may overlook. SnatchBot’s NLP and AI, plus the coming addition of voice enable it compete with any player on the market and attract major brands to the service.

However, for the majority of smaller end-users a script-based bot with some NLP assistance is more than enough to provide their customers with needed information and resources, without the need for AI, a focus on the millions of businesses who will adopt such bots in the coming years will provide focused with vendors with plenty of business.

Tags

Artificial Intelligence, Business, Chatbots, Digital Business, Nlp, Profile, Snatchbot

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author avatar SeaKnight
Tech writer focused on how it can change the world, for better or worse

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