03 October 2017

Chatbots For Customer Service Can Save Businesses $8 Billion a Year

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Juniper Research specializes in identifying and appraising high growth market sectors within the digital ecosystem. Since their founding in 2001, they have become one of the leading analyst firms in the mobile and digital tech sector. A new study from them titled "Chatbots: Retail, eCommerce, Banking & Healthcare 2017-2022," supports the assertion that chatbots will redefine the customer service industry, with specific industries such as banking and healthcare expecting to benefit the most. The report estimates that chatbots will help save businesses an expected $8 billion per year by 2022. That is a significant difference from this year's estimation, which is $20 million.

 

If companies that have customer service departments and call centers want to stay competitive and cost-effective, they should already be investing in this new technology. Companies across the globe are already growing their investment in building chatbots to help customers faster, across any channel, device or platform, 24x7. Juniper also predicted that the bot interaction success rate in the healthcare sector without assistance from a human agent, will increase from the current 12% to over 75% in 2022. For banking, Juniper estimates this to climb to 90% in the same year.

 

The Juniper report also notes that there will be financial savings. The study forecasts that healthcare and banking providers that use bots can see time savings on average of 4 minutes per customer query, which can help save approximately $0.50-$0.70 per interaction. Juniper saw that chatbots are good for healthcare diagnosis questions where the bots assess health issues and recommend a course of action. As these technologies evolve, chatbots are expected to help with more sophisticated diagnostics, such as a mental health analysis.

Below is an infographic from Juniper Research "Chatbots Infographic – Key Statistics 2017."

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Juniper's report also mentions SMS chatbots. While they are not as popular as the app-based chatbots, they can be a low-cost and efficient tool for mass messaging, such as emergencies.

Juniper's full report, "Chatbots: Retail, eCommerce, Banking & Healthcare 2017-2022" can be purchased here.

 

If you're ready to get to take advantage of efficient and cost-effective Chatbots or learn more about other emerging technologies like Blockchain, Visual Recognition Services, Augmented Reality & Gamification contact Not Rocket Science today to begin your journey to becoming a Cognitive Business.

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