March 18, 2020
As omnichannel continues to drive success in customer-facing departments, what’s next in the world of artificial intelligence (AI) for internal business operations? Machine learning algorithms and chatbot solutions such as Clickatell Touch are already working to make communication more personal, increase sales, streamline support, and reduce costs. But what can we expect from future technology trends?
The global chatbot market is estimated to grow at a compound annual growth rate (CAGR) rate of 31 percent by 2024, and 29.7 percent in the banking, financial services, and insurance (BFSI) sector. The changes might not only be related to the technological advancements but rather to the channels and applications used to deliver these services on. For example, improved experiences on mobile, customer relationship management (CRM), social media integration, and more.
Businesses can also expect a shift in chatbot software. New applications will feature natural language processing (NLP), cloud-based deployment, multilingual options, and interference engines. As exciting as this is for most tech-driven individuals, the lack of awareness around these improved updates, as well as the correct knowledge on security issues, may hinder chatbot growth and cause businesses to refrain from delving in too deep. Here are some key predictions on what future technology trends will bring:
When we speak about the advances in AI, it’s about the changes in data accessibility. For example, development data will become less critical and software processes will be able to find use cases that will help chatbots improve their approach. Of course, chatbots will always be fed information from humans, but this type of development will be able to make more room for personalized and customized chatbot conversations, as well as improve the relationship they have with a particular customer.
Just when you thought chatbot solutions couldn’t become more convenient, voice steps things up a notch by allowing customers to communicate, verbally, to a service chatbot. It can be done on-the-go, without having to type long-winded messages, commands or frustrations to customer service teams. Over the next couple of months, voice interfaces will slowly start to dominate the market. As it stands, AI giant Google is trying to make its virtual assistant available on all Android and smart electronic devices.
Whether you’ve adopted the use of blockchain technology in your business efforts yet or not, you’ll know just how much of a hype blockchain has caused for the digital industry over the past year. Take cryptocurrencies such as Bitcoin, for example. This type of technology approach, which cuts out the middleman, is most certainly going to change the artificial landscape for business owners in years to come. Businesses and their chatbots can already leverage blockchain technology to improve their communication approach and value proposition when communicating with customers.
Even though the long-term benefits of operating a chatbot are well worth the initial development fees, chatbot solutions are set to become cheaper as more organizations start to adopt them. Gone are the days where you would have to purchase a particular piece of software or work tirelessly to create your own chatbot. Having access to an already established software solution like Clickatell Touch helps businesses reduce development costs significantly.
It doesn’t matter how successful your business is without a chatbot. If you want to remain competitive in an ever-growing digital world, you’ll need to adopt artificial intelligence solutions. Not only are customer service agents moving away from human interactions, but over time, account managers and any position relating to customer relationships will be hugely improved by artificial intelligence.
Clickatell Touch is an omnichannel live chat tool that enables you to unify your response teams across inbound channels for consistent, real-time messaging and on-demand customer service delivery. There are already countless tasks that could be automated by Touch for your own benefit, so if chatbots do not form a part of your existing communication strategy, learn more about how Touch can help you transform your business.