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Pandemic and Bots: Shift of Support by Humans to Chatbots
The pandemic has accelerated the use of chatbots. Prior to COVID-19, it was expected that the chatbot market would grow from $2.6 billion to $9.4 billion by 2024, according to ResearchAndMarkets.com. It is likely now to be even much larger.
There was a spike of chatbot usage once the pandemic took hold. IBM Watson reported a 40 percent spike of activity. Boost.ai reported 250% growth across their deployed chatbots at the start of the pandemic.
Simon McNamara, chief administrative officer at Britain’s NatWest, said that “bots allowed us to process a much higher volume of applications than we would have been able to do before. It meant the timelines didn’t get longer with the massive volume.”
Carlos Selonke, CIO at Santander, said that “we had prepared but the volume was higher than expected. It’s a huge focus for us, making changes to increase our velocity.”
Some of the reasons for why chatbots are becoming popular include:
- Provide a consistent voice and interaction
- All conversations be updated with new information instantly
- Enable scalability
- Handle unexpected spikes in demand.
