4 Chatbot Trends that Are Changing Small Businesses

By: First Union


4 Chatbot Trends that Are Changing Small Businesses

You've probably seen a massive increase in the number of chatbots that are daily popping up. A chatbot is an AI-driven program that can converse with users via some form of messaging platform. As the technology gets better and better and easier to access and integrate, more and more small businesses are relying on chatbots for customer service issues, appointment setting, even payment processing. Below we break down 4 of the more popular chatbot trends that are shaking up the way smaller companies operate.

1. Chatbots are more "natural" now

In the earliest days of chatbot technology, people complained that chatbots were too machine-like and thus they preferred dealing with people. And while some still prefer human interaction, the naturalness of the chatbot has come a long way. Consider Siri for example. Because of this evolution in technology, more companies are now also using 3rd party apps to interact with customers. Uber, for instance, allows you to book your ride through Facebook messenger.

2. Chatbots are more AI-driven than ever before

Again, in light of expansive AI technology, chatbots can perform more tasks than ever before. Banks are using chatbots to not only interact with customers but to help their customers make payments, check account statuses; they're even able to help customers with the steps of more complicated banking procedures. Insurance companies have begun to integrate chatbots into their business models, as they are now being used to process claims instantly.

3. Chatbots as virtual assistants

Within the coming year, it's predicted that over 25% of companies will have successfully integrated voice assisting chatbots. What's more, the chatbot as a virtual assistant will be seen pretty much everywhere in 2020. Retailers are already turning to chatbots in droves to help with making purchases and for check out procedures.

4. Chatbots for analyzing data

Perhaps one of the best things about this technology is its ability to gather massive amounts of data, analyze it and almost instantaneously predict useful customer-based insights. The more data it collects and subsequently analyzes, the more accurate the results become.

Have you looked into chatbots yet for your small business? If not, it's most definitely time. First Union Lending can help—we have a variety of loan programs to suit any business's needs. Call today!

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