Chatbot development trends in 2020
Chatbot development trends in 2020
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Chatbots are a phenomenal breakthrough in the field of AI. The industry is all set to hit a trillion dollar mark by the end of 2024. It is also estimated that 47% of customer care calls will be handled by intelligent chatbots. Also, 40% of health-care Virtual assistants will be chatbots indeed.
Simple user based queries can be handled by these chatbots or virtual assistants in a placid manner. Developers are also working around advanced predictive analytics facilitating more naturally flowing real-time conversations.
Helping you unveil some of the top Chatbot development trends for 2020:
Develop chatbots that are more human-like
Presently chatbots are unable to understand multilingual accents of people across the globe. The chatbots need to understand the right intent behind what the query of the customer is. Only then, will they be in a position to resolve customer grievances in an effective manner. With this aspect in mind, mobile developers develop chatbots taking help from varied technologies. These include Machine Learning (ML), Artificial Intelligence (AI) and Natural Language Processing (NLP).
This way, chatbots can grasp the varied accents or dialects of people residing across the globe. Thereby providing the right kind of support or help.
Businesses can easily migrate to technologies supporting AI. These include usage of chatbots, virtual assistants, messaging platforms, etc. First level queries can be handled by conversational chatbots without much of a problem. These include
- Changing passwords
- Scheduling appointments with doctors or dentists
- Requesting for a bank balance or a statement print of account details, etc.
- Providing a 24/7 customer support for educational help lines, health-care centers, etc. can prove to be very expensive to afford. Given the amount of training to employees to adapt to multiple lines of business and handle queries of customers speaking different languages!
Hence, conversational bots can save 20-30% of the overall cost of running call centers across the globe. Moreover, the attrition rate among call center employees remains at 30-45%. This particular constraint can be resolved by emerging chatbots in a hassle-free manner.
Chatbots are able to initiate quick conversations with customers who are wanting to buy products online. You must have encountered it yourself. When you log into a website, you have an instant chat window opening in front of you. It asks if you would need any assistance in going further. This can be a perfect example of a chatbot handling the messaging board very intelligently.
It has roughly been estimated that around 68% of consumers prefer shopping for online products or services with chatbots. The chatbots provide a complete overview on what kind of products an e store offers. It helps them locate products from a store. The Virtual assistant further facilitates the sale of the product. Furthermore, an efficient degree of after-sales service is also provided to consumers in a friendly manner. This way, the brand awareness of the firm catapults. Customers love engaging and pleasant conversations that chatbots provide to them. This way, chatbots go a long way in improving customer service and automating sales.
Today, you have a number of mobile companies developing simple and easy chatbots helping you perform various functions. You have Siri, Alexa and Google Assistant doing the rounds for Android and iOS platforms. Starting from helping you track calories on your fitness jog up until keeping doors or windows closed at nights, the electronic surveillance machines do everything for you.
You can use voice bots at banks too to automate varied functions like filling out deposit forms, opening accounts, closure of accounts, etc. This way, when too many customers are there to attend to, voice bots can take over.
AI-pioneered chatbots to help social media
Thousands of brands emerge via Facebook, Instagram and Twitter. You have FMCG companies raising their brands via FB and Instagram. You have travel firms showcasing their brands via Twitter, FB and Linked In. You have Snap chat providing customers with instant chat facilities.
Hence social media channels may see a huge upsurge of products or brands that get launched online. This being the case, you will have millions of purchase related queries posed by online shoppers who would love buying products or services. Hiring customer support agents or shopping assistants to answer queries repeatedly can be an expensive affair. Automated chatbots may channelize this field too. Simple price related queries or product description queries can well be answered by pre-programmed chatbots or virtual assistants too. Hence chatbots will be taken squarely by social media biggies too.
Chatbots are now the preferred marketing personnel of the booming digital era indeed. As these chatbots work tirelessly, you have consumers hooked to conversing with them. Be it apparels, food industry, airlines, health-care or educational sector, you have chat bots or AI programmed virtual assistants taking space at every miniscule corner.
Burger King, Dominos and Pizza Hut have started making use of Food bots to help consumers in a wide-spread manner. Starting from finding tables, ordering food, the foods delivered right across and getting the bills paid by customers, everything is well taken care of. You can order via Food bots at your home too. This can be done via your I-pads, tablets and mobile devices. Some companies have gone a step further to automate ordering and delivery of food. You can have drones delivering pizza packs and a lot more.
Digital wallets can be organized by leading banks to make payments hassle-free. Instant messaging can be facilitated via FB messenger. You make sure that your customers don’t leave the app while they make the final payments. Conversational bots can allow customers to buy products based on the pricing or the budget they have on mind.
Similarly, digital wallets connect consumers to buy or sell products on a 24/7 scalability. MasterCard has recently organized a chatbot in order to facilitate consumer payments. You can check your account balances. The Virtual bots help you set payment alerts. And also pay or receive money from your business partners. This way, chatbots are entirely helpful in making digital wallets a grand success.
HR initiatives
As you know, Human Resource comprises a tedious and repetitive set of activities that are highly time-consuming. If you look at the overall proforma of the HR unit, there are quite a lot of mundane activities that can easily be tackled via chatbots or virtual assistants. Let us see how this can be done in three real-time scenarios
Human Resource or HR-
As you all know, HR is the pulse of every company. You can use chatbots to help new employees answer basic HR related queries. Plus these bots can complete transactional HR services too. Say like initiating new bank accounts for on-boarding employees or giving them a TPin to access the company’s ATM.
Employee On-boarding
Employee on-boarding is the most complex and time consuming HR initiative. The personnel have to screen through file applications, have a look at relevant employment docs and so on. You can allow chatbots to initiate the interview handling process. You can allow them to field screening questions and simultaneously capture answers too. You can also allow chatbots to guide new hires through the internal policies of the company.
Internal Help desk
Chatbots can handle the IT desk by answering common queries in a neat and stream-lined manner. The bot can answer repetitive queries and can increase the response time too.
Conclusion
These are the 7 fascinating chatbot development trends for 2020. You have AI automating a variety of human functionalities. While many employees fear it might cost them their jobs, there is a positive side added to it. You can allow new employees to directly apply for Senior positions as mundane aspects of the job can be automated by the bots. Hence, decision making or intense management policies can be designed by career focused individuals who have the potential to tap into.
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