Artificial Intelligence

Chatbots and AI: top trends that will help businesses grow in 2019

The year 2019 has been the year of huge technological changes!

We are already seeing artificial intelligence, machine learning, voice assistants, and chatbots penetrating in our daily lives and bringing positive changes. Companies are integrating these developments in their process to generate more revenue and serve their customers successfully. One of the best examples is of chatbots, which are providing impressive service to customers across the world.

Chatbots in companies and different industries

  • Allstate, one of the largest insurance provider in USA, developed a virtual AI assistant known as Allstate Business Insurance expert which handles queries from almost 12000 agents.
  • Marriott International, an American multinational hospitality company, is another example where the chatbot is providing seamless customer service. Its chatbot is available through Slack, Facebook Messenger, Google Assistant, and WeChat.
  • Apartment Ocean is a real estate chatbot which helps in building relationships with the potential customers by using personalized greetings via Facebook messenger. Through the chat process, these bots can extract the required information from the customers for faster conversions.

The hospitality industry is growing at a rapid rate in many countries with consumers having more disposable income to spend; other companies from the same industry can take the help of chatbots to serve the growing number of customers.

How helpful are chatbots?

Chatbots, as we know, are the computer programs, designed to behave as a conversational partner with a human. The bots, with its artificial intelligence program, can help in the conversation through textual or auditory methods.

With increased competition, customer satisfaction has become one of the top priorities for organizations, as they try to acquire more customers. Companies have installed chatbots in their customer service department to provide 24/7 customer service, with multiple customer handling.

Source: www.oracle.com

Biggest misconception

Many people believe that chatbots can converse with a human just like a human converses with another human.

However, there are certain limitations to the chatbots:

  • It needs to be programmed with the query customers might ask. If that does not happen, then it can lead to customer dissatisfaction, further complicating the process.
  • Expensive installation cost: Installing chatbots can be expensive as unlike humans, the chatbots have to be programmed differently for every new business. For an SMB, it will be an additional cost increasing their investment.
  • Bad memory: Although chatbots are programmed to handle different queries, it does not remember the past conversations which force the user to type the same thing.

Advantages outweighing the disadvantages

Although chatbots have specific disadvantages, the advantages outweigh it.

Here are six chatbot trends which will change the future of companies in 2019 and the coming years.

Chatbots with more AI driven experience

Chatbots are increasingly becoming more AI-driven. One recent example is of the Bank of America’s AI-driven virtual assistant Erica, which has now more than six million users. Erica helps users with transactions such as balance inquiries and money transfers.

It received an overwhelming response from the users, paving the path for more chatbots like Erica. A great user experience from Erica proves that in future chatbots might completely humans.

Source: http://www.stephendale.com

Chatbots having more voice-based programs

Most of the customers back out from the conversation when they feel they are conversing with a chatbot. This is going to change as the voice-based programs will sound more human in the coming years. The technology is going to make much impact as customers can comfortably chat, due to its more human-like approach.

Better use of ML

Machine learning language, along with AI, is making a change in the technological world. This is also bringing new chatbot trends; in the coming years, chatbots can fully interact with the user at each stage of their needs.

Apps replacing chatbots

Chatbots have the potential to replace the apps entirely. Users depend more on chatbots to get the latest news or to interact with a bank. The important part is that it can unite multiple apps into a single app. Chatbots can boost customer experience and automate business tasks.

Deeper customer insights

Chatbots will provide deeper customer insights as it can store customer data. the insights help organizations plan their strategy. So, one is bound to see chatbot implementation to increase in the coming years.

As per a report, 85% of the consumer interactions would be handled without a human agent by 2020, and almost 80% of the business will have chatbot automation by 2020.

AI helps in automating data collection and performing proper analysis for getting the solution to the queries.

Multilingual chatbots

These chatbots will increase in the coming years as companies spread across the world. Multilingual chatbots provide increased customer satisfaction as they can communicate with customers in their preferred languages. Deep learning plays a crucial role in building this conversational AI. The information extraction, response generation, invoking the right action, and speech recognition is some of the essential parts in building a conversational AI. 

Conclusion

Chatbots have been gradually but surely gaining popularity, as customers look for immediate resolution and answer for their queries. Some industries have been slow to introduce chatbots in their customer service department due to the difficulty in the integration process, but soon rapid technological advancements will enhance chatbots in becoming a great conversation partner for a human.

Some of the trends have already been implemented in 2019. And some will get further improvised to provide better service to the users.

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