Patent published on January 23, 2024

Wells Fargo's Patent Enhances Chatbot Conversations with Users

Wells Fargo Bank, N.A., a well-known financial institution, has recently been granted a patent that aims to enhance chatbot responses through machine learning. The patent, titled "Enhanced chatbot responses through machine learning," holds the number US11882084B1. This revolutionary technology addresses the challenge of determining a user's maturity level during conversations with chatbots.

The core problem being solved by this patent is the inability of chatbots to ascertain the age or maturity of users engaging with them. In many cases, new users may not have provided any personal information or registered themselves, rendering them unknown to the chatbot. As a result, the chatbot may struggle to offer appropriate recommendations or responses tailored to the specific user.

To overcome this challenge, Wells Fargo's patent introduces a machine learning model that analyzes the terminology used by users in previous conversations. The model recognizes colloquialisms, idioms, slang terms, and jargon to determine the user's maturity level. By understanding the user's language style, the chatbot can engage in more meaningful and personalized conversations, ultimately improving the user experience.

The implementation of this technology offers numerous benefits. Firstly, it allows the chatbot to proactively determine the user's age, enabling it to provide more accurate and tailored recommendations. It also enhances the efficiency of chatbot interactions, ensuring that conversations flow smoothly and effectively. Furthermore, the system's databases are designed to store and update a wide range of user information, ensuring flexibility and adaptability.

Imagine a world where chatbots engage with users in a manner that resonates with their maturity and preferences. For example, a user expressing interest in a mortgage could receive a response tailored to their educational background. If the user completed graduate school, the chatbot would provide more sophisticated explanations and recommendations. Similarly, if the user has a low level of financial literacy, the chatbot would use simpler language and explanations to ensure comprehension. This patent revolutionizes the way chatbots interact with users, offering a more personalized and user-friendly experience.

While this patent holds tremendous potential, it is important to note that being granted a patent does not guarantee its appearance in the market. The implementation and commercialization of patented technologies ultimately depend on numerous factors, including business strategies, market demands, and regulatory considerations.

In conclusion, Wells Fargo's patent on enhanced chatbot responses through machine learning marks a significant step forward in improving the user experience during conversations with chatbots. By utilizing machine learning to determine the user's maturity level, chatbots can provide tailored recommendations and responses that better align with the user's preferences and educational background. While the outcome of this patent in the market remains uncertain, its potential impact on the field of conversational AI is undeniable.

P.S. It is important to note that this article discusses a recently published patent and does not guarantee the appearance of the described technology in the market. The implementation and commercialization of patented technologies depend on various factors, and their availability to the public may differ from what is mentioned in this article.

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