Fintech & Ecommerce

Uber Develops AI-Powered Chatbot

Uber Technologies is currently working on creating a chatbot based on artificial intelligence.

Uber Develops AI-Powered Chatbot

The company intends to integrate the chatbot into its mobile application. As part of these efforts, the firm follows the example of other brands that use a language tool to improve the quality of customer service. Artificial intelligence also helps many companies improve the effectiveness of marketing activities and solve tasks related to workflow automation.

The chief executive officer of Uber, Dara Khosrowshahi, during a conversation with journalists, confirmed the development of a chatbot based on machine intelligence. He did not go into details about the opportunities provided by the new digital product but spoke about the existing forms of integration of AI into the company’s business structure. According to him, the firm has been working for many years with artificial intelligence systems and machine learning, which controls the selection of a car or courier.

Uber’s delivery competitors, including DoorDash and Instacart, are also making efforts to integrate AI into their businesses. DoorDash is currently developing a system called DashAI. The company expects that this artificial intelligence-based tool will speed up the ordering process and help customers find food options in the app.

In May, Instacart launched a new feature called Ask Instacart, based on the OpenAI application programming interface. In this case, consumers have the opportunity to ask questions about cooking.

Last Tuesday, August 1, Uber reported the first operating profit in its history. At the same time, the landmark event was overshadowed by the fact that the company’s business growth slowed down after the highs recorded during the coronavirus pandemic. For this reason, the value of the brand’s shares showed a nine-month low.

The company’s operating profit for the second quarter was $326 million. The total profit for the same period reached $9.2 billion. In this case, an increase of 14% is recorded, but this is the slowest pace since the first quarter of 2021. The company’s passenger traffic and the demand for food delivery are at a high level, but the losses in the cargo unit negate the practical value of these achievements in the context of the overall result.

Bloomberg Intelligence analyst Mandeep Singh says that the market does not believe in Uber’s ability to maintain high growth rates.

The results of the second quarter raised the bar for the company in the future. The influence of such an external factor as accelerated inflation has not become critical for the brand and, in principle, sensitive, since customers are willing to pay a surcharge for the convenience of calling a taxi and delivering food. The number of rides in the United States and Canada has reached the level that existed before the coronavirus pandemic. The frequency of delivery is moving in the direction of a record. The company’s business is developing, but not at a fast enough pace, which is why it arises problem situation, which at the same time is not a harbinger of disaster and does not create a reason to doubt the future of the brand.

As we have reported earlier, Uber to Offer Autonomous Rides Through Alphabet’s Waymo.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.