Conversational Services

Chatbots for customer service will help businesses save $8 billion per year

Share this post:

Key Points:
– Chatbots will save businesses more than $8 billion per year by 2022, a huge increase from the $20 million estimated for this year.
– Success rate of bot interactions in healthcare sector will increase from the current 12% to over 75% in 2022. In banking, this will climb to 90% in 2022.

How AI is reshaping customer service

 

A new study releases this week by UK-based Juniper Research supports our prediction that chatbots will redefine the customer service industry, with healthcare and banking industries expected to benefit the most.

The new report titled “Chatbots: Retail, eCommerce, Banking & Healthcare 2017-2022,” estimates that chatbots will help businesses save more than $8 billion per year by 2022, which is a huge increase from the $20 million estimated for this year.

Call centers and customer service departments should already be investing in these new conversational technologies if they want to stay competitive and cost-effective as companies across industries grow their investment in building chatbots to help service customers faster, across any channel, device or platform, 24×7.

Advancements in technology continue to transform customer service interactions. From improvements in loyalty and brand reputation to new revenue streams, the pathway to real-time self-service in customer service brings huge opportunities to forward-thinking businesses.

Juniper also forecasts that the success rate of bot interactions in healthcare sector, completed without the assistance of a human agent, will increase from the current 12% to over 75% in 2022. In banking, Juniper expects this to climb to 90% in 2022.

Banks & Healthcare Providers to Profit

Juniper Research’s report estimates significant savings in the healthcare and banking as customer service resolution times are reduced at a much lower cost than before.

The report predicts that healthcare and banking providers using bots can see time savings of about 4 minutes per customer query, which can help save an average of $0.50-$0.70 per interaction.

Juniper found that chat bots are especially great for healthcare diagnosis questions where bots assess health issues and recommend a course of action to users. As these new technologies continue to evolve they are expected to help with more sophisticated diagnostics like mental health analysis.

[Infographic source: Juniper Research “Chatbots Infographic – Key Statistics 2017”]

Rise of new types of bots

The report also touches upon the less popular SMS chatbots, which don’t generate as much in revenues as app-based bots, but offer an efficient tool for mass messaging at a low-cost. One example in the report is of how governments, for example, could use chatbots in times of emergency.

You can purchase the full report here.

Juniper Research specializes in identifying and appraising new high growth market sectors within the digital ecosystem. The firm is also offering a free whitepaper, “Chatbots – Critical To Businesses: Here’s Why,” that examines how companies can benefit from using chatbots to help with “traditional human-to-human operations.”

Build your own bot in minutes

Read our “How to build a chatbot” post to get started with your own bot in minutes.

 

(Follow the author on Twitter: @tripsy)

Attend the Watson Virtual Summit to learn how the world’s leading companies are reinventing customer service.

 

Contributor

More Conversational Services stories
December 14, 2018

Introducing Watson Assistant Plus pricing plan and new powerful features

IBM Watson is expanding Watson Assistant’s capabilities to create personalized interactions and effortless experiences for end users. Today, we announced the new Watson Assistant Plus Pricing Plan for businesses. The Plus Plan introduces a new user-based pricing metric (Monthly Conversing Users or MCU), which will help business grow their virtual assistants without needing to worry about the quantity of messages each end user is sending to the system.

Continue reading

December 10, 2018

How to future-proof your business with AI

By 2020, according to Gartner, the amount of enterprise data created will increase by 800%. As companies accumulate larger amounts of data in different formats and locations, the complexity of understanding the totality, while still being able to derive useful timely insights from it, demands a robust AI solution.

Continue reading

November 29, 2018

Audioburst pioneers personalized on-demand audio with the power of Watson NLU  

Audioburst listens to source feeds like radio stations and podcasts, and segments and indexes millions of minutes of audio in real time. With the help of Watson Natural Language Understanding, Audioburst has created the world’s largest library of audio searchable by content, context or theme.

Continue reading