Chatbots: Past, Present and Future

Chatbots: Past, Present and Future

Along with advances in conversational technologies and AI, bot technology proved to become mainstream.

With new advancements in artificial intelligence (AI), the use of chatbots has been on the rise in the last couple of years.

With AI at the forefront, virtual assistants and chatbots are driving real-time response offering personalised experiences for customers and  effectively handling different customer queries at scale.

Chatbot has increased adoption across sectors in recent years. Early bot deployments were limited in the potential they could offer companies and were launched as more of a way to entertain and engage customers for the moment.

As time went on, AI technology and machine learning helped chatbots become much more sophisticated and advance to the point that they now rival humans in their ability to handle customer questions.

Due to the significant advancement in machine learning and AI, chatbots have gained an edge over conventional services in terms of intelligence.

While customer service appears to be the low-hanging fruit in sectors such as BFSI, e-commerce, healthcare, etc., chatbots are redefining the way businesses are done.

In the last couple of years, chatbots have evolved to be more intelligent and more human than ever before. Along with advances in conversational technologies and AI, bot technology proved to become mainstream.

By deploying chatbots and voice bots, financial service providers saw a huge opportunity in the area of customer service, especially with a target of reducing the customer call volume and thereby reducing the cost of customer service.  They became the future of consumer engagement.

Not all bots are created equal.  Choosing a bot with intelligence is the key. Industry leaders, however, are equally concerned about a large number of poorly designed and ineffective bots hitting the market. It is important to incorporate the right elements for a successful bot deployment. Bad bot deployments could cause a great deal of frustration and turn many consumers off.

Businesses with high volumes of customer interaction and complex business processes require a level of sophistication that draws from a variety of data sources to make the bot effective.

Companies will need to showcase how much value their chatbot can now offer customers in their moment of need.

With enterprise clients being the major driver of the growth of the chatbot development market, around  50% of enterprise companies will spend more on bots and chatbot creation than they will on traditional mobile app development.

According to Juniper Research, chatbots are expected to help cut business costs by $8 billion by the year 2022! In the next five years, most businesses are predicted to increase the use of chatbots.

With the increasing popularity of virtual assistants such as Google Assistant and Amazon Alexa, speech chatbots have been a helpful element in enhancing the user experience of different consumers.

What more, chatbots definitely sound more intelligent and human. Going forward, we can see chatbots becoming more smarter by becoming vernacularly equipped.