How AI & Chatbot Apps are
Transforming Mobile Technology
Customer service experience is one of the crucial factors that influence the growth of an organization. And modern customer service industry is increasing its dependency on AI chatbots. These chatbots ensure they offer smooth and fast customer resolution at any point in time. As IBM says, with intent detection algorithms, AI chatbots are capable of solving 79% of resolutions on their own. Not only that, these chatbots learn the accuracy of resolutions with a speed 50x faster than human agents.
Global Chatbot Market Revenues between 2018- 2027
The above Statista report shows, globally, by 2027, the chatbot industry is expected to touch the highest amount of revenue threshold of $454.8 million. By the end of 2021, metrics predicted an approximate revenue threshold of $83.4.
Today, in this blog, we are throwing some light on how pairing up AI and chatbots is influencing the mobile technology experience. We will take some factors existing in the market already into account to provide you with insightful information. So, stay with us until the end of this blog to know everything.
Accuracy in customer service
Today, AI chatbots are used due to their enhanced capabilities of providing accurate resolutions to customer queries. As IBM says, its IBM Watson Assistant (new version) is capable of offering resolution with 79% of accuracy on its own. With time, IBM is focused on improving the quality of this AI assistant to reduce the amount of required training data and time invested.
Institutions such as banks, credit unions, educational institutions, airways, and more are using such chatbots to provide resolutions to customers through smartphone apps. These chatbots are accessible from smartphones or web pages and work with the same performance. However, in most common cases, these chatbots offer better accuracy and information when they are connected to the internet. The reason is that most of the data to support these chatbots is stored on cloud servers.
The uses of AI-chatbots reduce the burden on human agents but in parallel, they also reduce their requirements. As with time, these chatbots are evolving and getting more accurate, it is rising as a threat to employment opportunities for human agents as the number of required agents will reduce with less burden of work. AI chatbots are known to reduce up to 30% of the cost for business owners across the globe.
Customers love Artificial Intelligence chatbots as they are active 24x7. Be it a holiday, late-night, or any hour, AI chatbots can solve queries within minutes at any given moment. Even a VentureBeat report says, 51% of customers want businesses to be available at any time they need answers. On top of that, as now many small and large businesses are expanding their coverage beyond national borders, thus, timezones vary as well. So, artificial intelligence in business communication processes is the key to helping global customers throughout their queries as per their suitability.
Making the world more accessible
When we say that AI chatbots are making the world more accessible, we are referring to different unique usages developers have invented for these chatbots. Today, you can use AI chatbots to speak and translate so that while you are traveling, you are always able to communicate with locals. For visually impaired people, AI chatbots are able to guide them through the world. For mental health, AI chatbots like Replika exist to provide a safe space for people to talk. As these chatbots are fueled with data, as much as they learn, life gets easier for the user.
Assisting through the education
AI chatbots are virtual assistants that can help teachers and students both. For students, these tools can be available all the time as a virtual guide to help their queries, guide them through the syllabus, and more. It ultimately reduces the burden on the teachers’ shoulders. On top of that, even beyond school and college hours, students can have learning tools helping them out. AI-driven chatbots can also help education authorities in figuring out what are the most common queries students ask. These analytics can help in preparing study plans with more efficiency.
The above facts that we discussed make it clear that AI chatbots are indeed joining many sectors as they are getting smarter. Companies have valid reasons behind loving AI chatbots as it helps them in improving their customer retention rates. Improving customer retention rates is indeed a much better achievement than increasing the number of customers who do not return for many businesses. And, AI chatbots are making it easier for business owners.
Now with commonly existing and growing AI usages such as AI in web development, AI in virtual teaching, and more, AI chatbots can be considered as one of the fastest-growing AI adaption cases.
In the end, hopefully, you found this blog informative. We will return with more informative blogs to read for you in the future. Meanwhile, explore the website to read some already published amazing articles.
Andrea Laura is a very creative writer and active contributor who loves to share informative news or updates on various topics and brings great information to her readers. Being writing as her hobby, Andrea has come out with many interesting topics and information that attracts readers to unravel her write-up. Her content is featured on many mainstream sites & blogs.