Facebook New Digital Wallet ‘Libra’ Treat To Financial System’s Worldwide

Story Highlights

  • How Servicefriend Works
  • Facebook Libra Treat To Financial System's Across The World

As Facebook  prepares to launch its new cryptocurrency and Digital Wallet Libra in 2020, governments across the globe slammed the corporation for developing an unregulated financial product. However, the social media company isn’t slowing down the development of Libra and Calibra.


Facebook Libra Using ‘Servicefriend’ for Calibra Digital Wallet

Facebook  completed the acquisition of Servicefriend, an Israeli startup that develops AI-based chatbots back in june 2019.  Facebook is planning to use the company’s services for its Calibra customer services, a digital wallet that Facebook is developing along with its native cryptocurrency Libra.

Libra, a global digital currency that Facebook have plans to launch come 2020, is a stablecoin developed for peer to peer transactions which allow users to send and spend money at a next-to-nothing fee.

Facebook’s plan is to build a range of financial services for people to use Calibra to pay out and receive Libra — for example, to send money to contacts, pay bills, top up their phones, buy things and more.

It remains to be seen just how much people will trust Facebook as a provider of all these. So that is where having “human” and accessible customer service experience will be essential.

You don’t have to have a Facebook account to use Libra.

“Implied in this project is that wherever the Visa or Mastercard logo are accepted, Libra would follow suit.” So customers interested in holding or transferring Facebook’s newly-announced Libra token will be given a number of options to do so,

Also You don’t have to have a Facebook account to use Libra. That’s the hands-off approach the social media giant is working toward as it announces its new blockchain and the token of the same name

Calibra will develop financial services and products around the Libra network, which will eventually be fully governed by the independent Libra Association. Calibra intends to start with a digital wallet for the Libra coin, which will let users transfer funds to each other, as well as store their tokens locally.

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Notably, customers will be able to access the wallet functionality through a new standalone app on iOS and Android, or through Facebook’s Messenger and WhatsApp services. The Libra blockchain is expected to launch in full sometime next year. Facebook owl aim of the digital currency is financial inclusion of everyone.

The goal of this new project … is to build a financial ecosystem that can plug in and empower billions of people.


How Servicefriend Works

Instead of depending entirely on artificial intelligence (AI), however, the company’s solution brings together machine and human resources.

When a consumer initiates contact with a company, Servicefriend snaps into action. It’s warm and focused robot agents don’t annoy customers by inundating them with promotional material.

On the contrary, they scan the client’s message for contextual information and reply appropriately. Using data from a host firm’s system, the AI provides quick and accurate responses.

Since Servicefriend’s AI has a robust understanding of natural language, its answers are clear and conversational.

Furthermore, when Servicefriend’s program receives a question that it can’t answer, it brings up relevant data and relays it to a human agent. As such, customer service representatives can rapidly find the information that a customer is seeking.

The software’s integration with platforms made by Microsoft, Salesforce, and Zendesk also makes it a powerful search tool.

Facebook Libra: Calibra Chatbot

As Facebook intends for Libra to be a global cryptocurrency and for Calibra to be a global digital wallet, a chat client could be very useful in helping the company realize its ambitions.

Currently, the social network has a monthly active user base of 2.4 billion people. As such, Calibra couldn’t use a traditional call center to handle its customer service needs. Even if only five percent of Facebook users (120 million people) signed up for its digital wallet, the customer service demand would be too high.

However, Servicefriend’s system interpolation and natural language features will help familiarize cryptocurrency novices with digital assets.

It’s worth noting that Facebook offered businesses chatbot support through its Messenger service back in 2016. However, accuracy issues and a lack of genuine conversation hobbled the program soon after its launch. Acquiring a company that specializes in making remarkably lifelike AI agents should give Facebook better luck the second time around.

Facebook Libra Treat To Financial System’s Across The World

In recent months, Libra has faced a wave of scrutiny from regulators. The German government passed a blockchain strategy to prevent parallel currencies from being issued in the country, which includes Libra. Additionally, France’s Minister of the Economy and Finance, Bruno Le Maire, claimed that the country will halt the development of Libra in Europe because it threatens the “monetary sovereignty” of governments.

Libra’s development is facing pushback from regulators across the globe, developing a robust chat client might be the least of Facebook’s cryptocurrency concerns.surrender.


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