The Latest News for 2020 You Need to Know on AI Chatbot

The Latest News for 2020 You Need to Know on AI Chatbot

Shane Barker 02/12/2019 12

Chances are high you’ve engaged with a chatbot in the past week. Businesses are increasingly tapping into chatbots and AI applications. AI chatbots enable easy communication with target audiences. Consumers are also more open to conversations with bots when engaging brands.

Chatbots are currently helping businesses deliver exceptional customer services and automate business processes. Some of their current use cases, include getting fast responses and resolving complaints.

Gartner predicts on AI Chatbot

Image Source: Drift

Gartner predicts that 25% of all customer interactions will use chatbots by 2020. AI chatbots will move from simple use cases to advanced ones based on real time conversations.

AI is revolutionizing how businesses operate and communicate with customers. By 2020, 80% of sales and marketing leaders will be using AI chatbots to improve customer experiences.

AI Chatbots 2020 News 

Chatbots With Emotional Intelligence

By 2025, the AI global chatbot will be at $1.25 billion according to Statista. Chatbots will become a driving force for those in business. 50% of business enterprises will be spending more money building chatbots rather than developing mobile apps by 2021.

AI chatbots have caused significant structural changes in organizations. However, as Shane Barker notes, there are challenges businesses are facing. These include:

  • · Issues with chatbot security and privacy
  • · Failure to understand human emotions and sentiments
  • · Lack of vernacular chatbots
  • · Lack of engagement

The chatbots misunderstand requests if the customer uses slang, sarcasm, humor, or a different language. They may also not understand if the consumer uses multiple languages.

Businesses will strive to meet customer expectations by building chatbots with emotional intelligence. A combination of machine learning, natural language processing, and AI will see to this. Technological advancements will see bots understand the intent of queries and conversations.

Organizational Chatbots

ManpowerGroup reports that 45% of employers are finding it hard to fill open positions. Reasons for this include a lack of required skills from candidates and a lack of applicants.

More businesses are adopting AI powered HR recruitment chatbots to fill this gap. The chatbots help the HR departments advertise open positions and offer FAQs to prospective employees. They offer a communication platform during the application, interview, and on-boarding process.

By 2020, sophisticated bots will have natural conversations with candidates. They will allow HR to gain deeper insights into a candidate’s qualifications and experience. Candidates can express themselves, provide more information and determine if they are a good fit.

Most organizations will adopt AI chatbots with natural language processing. The bots will have industry-specific knowledge and deep recruiting information.

Customer Service

Customer service bots are currently transforming call centers across the globe. Unlike human agents, AI assistants do not need holidays, coffee breaks, or sick leave. They save costs and ensure the continuity of customer service centers. They can upsell, cross-sell, and recommend based on customer preferences or previous orders.  

Freeing up customer service agents allows them to address complex inquiries at contact centers. Servion predicts that by 2025, 95% of customer interactions will be AI-powered.

Juniper Research also forecasts that chatbots will save $8 billion in cost per annum by 2022. The banking and healthcare industries will average time savings of 4 minutes per enquiry through bots.

Most healthcare bots today can handle enquiries and suggest a course of action. However, advancements in the industry will see bots handle sophisticated diagnostics. They will have the ability to monitor and analyze even mental issues.

Juniper forecasts that the success rate for healthcare interactions will rise from 12% to over 75% by 2022. The banking sector will notice success rates of over 90%.

You can check our shanebarker.com which explained AI Chatbot Platform in detail.

Messaging Platforms

Facebook research found that messaging is making connections easier. People are messaging more today, on messenger, WhatsApp, Instagram, and other platforms.

Messaging Platforms

Image Source: Facebook

These communication expectations with each other are changing how consumers communicate with businesses. Mobile messaging apps are on the rise and messaging is creating business opportunities. Businesses can now communicate better with consumers.

Messaging is going to become the most important marketing channel. Messenger has around 10 billion messages exchanged between businesses and consumers every month. 68% of consumers consider messaging the most convenient way to contact businesses.

More brands will adopt messaging platforms to build awareness and create a buzz around their brand. The messaging apps will have bot capabilities that integrate with different business functions. Facebook Messenger already has 300,000 active bots. Businesses are using them to improve conversations with consumers.

Conclusion

Chatbots will continue improving business processes. They will make it easier for businesses to stay in touch with consumers. By 2020, chatbots will have better functionalities to overcome most challenges businesses face.

Understand what your business needs and changes you need to make to the current bots your business is using. You can then implement bots that change your customer journey and experiences for the better.

Is your business ready to transform with chatbots? What improvements are you making to overcome challenges with bot usage?

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  • Simon Newall

    I am seriously thinking of implementing a chatbot in my business to get more customers.

  • Tim King

    Chatbots have become so much better

  • Matthew Hunt

    I gotta admit: I like these newly improved AI chatbots.

  • Jillian Morrison

    Good stuff

  • Faye Telios

    Every single business is using bots

  • Emily McAdam

    If only AI could go deeper into some conversations.... That's my only concern.

  • Jordan Lloyd

    Luckily we are already implementing AI to sell more clothes online.

  • Amanda Rice

    Thank you for this article

  • Pawan Pandey

    Chatbots as a concept are going to evolve and become meaningful. They will create more opportunities for new companies to explode from nothing into prominence. They will create many new business strategy opportunities. In my opinion, they will play a large role in online business but not every role. Get your own bot today with Engati: http://s.engati.com/145

  • Kavyansh

    Great Information about AI Chatbot, Surely it will help out to the new launch companies like- http://marwal.digital/ :o

  • Dean

    I already started to use bots in my business. When I started, there were hardly any easy platforms to use, and that was free for testing purposes.
    I was fortunate to have come across a platform like Mobile Monkey. https://bit.ly/32qkUfR

  • Vibhuti

    Most basic tasks such as balance inquiry, bank account details, loan queries etc. can be handled by a bot efficiently, allowing customer service representatives time for complex issues … leading to a more positive banking experience. Grow with Engati http://s.engati.com/1c9

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Shane Barker

Digital Strategy Expert

Shane Barker is a digital marketing consultant who specializes in influencer marketing, content marketing, and SEO. He is the Co-Founder of Attrock, a digital marketing agency. He has consulted with Fortune 500 companies, influencers with digital products, and a number of A-List celebrities.

   

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