What to Expect in 2020 for Chatbot Development Trends?

As our capabilities in artificial intelligence expand, we are seeing more and more businesses latch on and restructure around the use of chatbots. Why? They can be implemented across numerous business verticals to deliver a superior customer experience, they can automate business processes, and they increase lead generation by bringing customers through business sales funnels. Best yet, chatbots cut operation costs and increase user retention rates by being able to offer personalized recommendations. So, it only makes sense that chatbots are here to stay and predictions suggest that 80% of businesses will be using a chatbot by 2020. Let’s take a look at which trends they will be bringing to the new year and what to expect from them as we move forward.

  • We Will See AI Call Centers Emerge. We are already seeing some advancement in this area, where chatbots are being developed to handle basic tasks like scheduling appointments, requesting a balance, and changing passwords. It is likely that as chatbots become more humanized and smarter, they will be able to handle a large number of calls and requests. Thus, call centres or contact centres will emerge, where AI chatbots will be used to gather the context of a call, identify the call’s purpose, and provide a resolution based on the first five levels of the human query. After all, AI chatbots can already automate certain portions of business and help agents make personalized and unique recommendations, the next step in handling consumer information makes sense.
  • Voice Bots Will Be Used More. While texting is a fantastic way to get a message off quickly to another, it can lose its context rather quickly. Texting can be monotonous, and it doesn’t convey emotion very well without the use of emphasized grammar and emojis. Thus, voice is making a comeback in that more and more messaging applications are offering voice bots as a way to be more engaged. Whether this is offering automated, intelligence-based communication or providing personalized communication, brands are converting leads by integrating voice bots into their messaging systems.
  • Out with The Scripted and In With the AI. A lot of businesses have used scripted or rule-based chatbots in the past in order to satisfy business needs, like customer engagement and customer recommendations. However, chatbots are becoming smarter and machine learning is allowing them to adapt faster, providing highly tailored and personalized options to users.
  • Chatbots becoming the norm in Banking, Investments, and Insurance Markets: One of the major ways that banks profit from customers is by making recommendations and selling their own products and services. This requires the bank to have a close relationship with prospective customers and deliver on a personalized experience. If a customer doesn’t feel like they are understood or that the bank doesn’t have what they are looking for, the bank loses out. Chatbots offer banks the ability to provide personalized customer service, by handling and guiding customers through complicated banking procedures. Chatbots are also being used by investment companies to provide easier access to investment options, and the insurance sector is using AI chatbots to educate clients, provide claim adjustments, and give updates on claim status.
  • Payments Will Become Automated: One of the newer trends coming to social media platforms via chatbots is automated payments. These allow users to pay directly over social media platforms, like Facebook’s Messenger Application, with an instant process. This is beneficial as there is no risk to credit or debit card security, customers can buy a product based directly from a chatbot’s recommendations, and customers do not need to leave the conversation to buy the product or service. Plus, it is cost-effective on the business side and easily scalable.

As chatbots become more mainstream, we will see business functions become more diverse and numerous consumer applications emerge that work in tandem with them. This will increase customer experience, create faster interactions, and deliver a seamless journey from the beginning of the conversation to the end.

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