Last Updated on October 10, 2020 by Sean B
The future of chatbots is sure to include incredible technological advances, allowing them to take a larger role in every industry you can imagine. The last decade has probably seen more innovation and advancements in technology than all of the previous human history combined. We’ve moved from car phones and landline phones to smartphones that have tremendous abilities. We have seen the computational power of the computers grow exponentially to the point where they are just as intelligent as their human creators, or even more in some respects.
The future of our world, as it stands now, is artificial intelligence. Artificial intelligence is about to get a whole lot more intelligent in the years to come. Chatbots are the pinnacle of artificial intelligence as we know it. But they are still more of a leisure activity than something actually useful. This scenario is going to change, and it is going to change fast.
What Exactly are Chatbots?
Technically speaking, chatbots are software that are programmed to respond to user input in a conversational manner. Currently, chatbots are capable of natural conversations, speech to text conversion, computer vision, language recognition and translation, content moderation, speaker recognition, and text analytics. Chatbots have already advanced to the level where the line between the conversational response of a chatbot and an actual human is starting to blur. However, this is just the beginning, and the future of chatbots is sure to do much more than that.
As we move into the second decade of the 21st century, chatbots are going to become an integral part of our lives. Artificial Intelligence is already being widely used by businesses to make well-informed decisions, but some experts like Christi Olson, Head of Evangelism for Search at Bing, speculate that all businesses will have to have a virtual assistant chatbot within the next five to ten years.
What is the Future of Chatbots for Business
It is inevitable that all businesses will have their own chatbot or virtual assistant platforms within the next decade or so; the more important thing is that businesses will be using chatbots internally as well. Such chatbots are under development as can conduct level one interviews and shortlist candidates for a job. The interview process can be made friendlier by introducing video avatars. It will save the candidates’ time as they would be able to sit in the interview from their home and will be cost-effective for business as well. Chatbots can also detect tell-tale mistakes and can make the otherwise slow recruitment process a swift one. Chatbots can also be used to acquaint new employees with the atmosphere of the office.
Another way businesses can use chatbots is to improve collaboration and make it efficient. They can be used to keep an eye on all the information flowing in from inside the office as well as from the customers and can scrutinize, filter, and relay important information to the concerned people, eliminating the need to manually process all the information.
Chatbots are already being used and will be improved and optimized for use as customer care representatives for live chat services on websites. It will also decrease the amount of human resources needed. Customer service chatbots will be able to handle routine issues and satisfy the customer. In case something is outside the scope of the bot, they’ll transfer it to a human.
According to the estimates by industry experts, chatbots will save businesses across the globe upwards of $107 billion by the mid of 2020s.
Chatbots Will Revolutionize Banking and Finance
The banking industry is one of the chief beneficiaries of artificial intelligence and chatbot technology, and their dependence on it is only expected to grow with time. Banks already use chatbots to ensure the security, privacy, and anonymity of their customers. Future chatbots will be the digital banking and customer support solution for the banks that are committed to serving their customers with the highest level of satisfaction.
Banking and finance are customer-oriented like nothing else. The customers of these sectors need an immediate solution for their problems, and hiring one customer service agent for every customer would definitely not an efficient way of doing things. That’s why banks are shifting to AI and chatbots to provide prompt customer service. According to industry analysts, the value of AI and chatbot technology for banks will be above $300 billion by 2030.
Chatbots and the Real Estate Industry
The real estate industry is also going to adopt AI and the use of chatbots. In the near future, real estate chatbots will be the first ones talking to potential customers before they can talk to the estate agents for closing a deal. This will take a huge burden off the shoulders of the estate agents. Chatbots can efficiently match potential customers with deals compatible with their budget and demands. They can also deal with the customers when the human agents are not available, decreasing the time taken to respond to a request and increasing convenience for customers.
With the digitalization of the real estate industry, it is expected that more tech companies will be turning towards real estate investments, and it has already started. Just in October 2019 alone, venture capitalists from the tech world have invested more than $1.7 billion in 107 property deals.
Chatbots and the Healthcare Sector
The global healthcare industry from America’s costly healthcare plans to Britain’s inefficient NHS needs a major revamping. The resources are a few, and demands are higher than ever. Chatbots can take a lot of burdens that the doctors and other healthcare staff are handling right now.
The use of chatbots in healthcare can act as the first responders to health emergency calls and can improve the quality of service by decreasing the time it takes to get to a doctor and can recommend the best-suited doctor depending on the symptoms a patient might be having. The future of chatbots will bring smarter AI and Machine Learning to help answer questions from both the patient and medical staff, help diagnose patients earlier through image recognition and symptom monitoring, and even help with patient treatment in a variety of medical specialties.
I don’t think that future chatbots will ever replace doctors or nurses, but they will support them in ways that will improve patient care. These improvements in the healthcare sector will also create a global healthcare tech market that is expected to have a market cap of $405 billion according to Statista.
So what is the future of chatbots? Well, chatbots and AI are progressing at an incredibly fast pace, and it is only a matter of time before we see chatbots as an integral part of almost all industries. This technology can improve the level of service for customers, decrease costs for the businesses, and make the overall process of how businesses are run efficiently and cost-effective. The sectors going to have the greatest impact of the advancement of AI are customer service, healthcare, real estate, and entertainment.