Conversational Services

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

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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.

 

Senior Content Manager, IBM Watson

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