Banks could save over $8b per annum by 2022 with chatbots

The success rate of bot interactions in banking could reach over 90%.

A new study from Juniper Research has found that chatbots will redefine the customer service industry, with healthcare and banking sectors set to benefit the most.

The new research, Chatbots: Retail, eCommerce, Banking & Healthcare 2017-2022, forecasts that chatbots will be responsible for cost savings of over $8 billion per annum by 2022, up from $20 million this year.

Here's more from Juniper Research:

Juniper expects dramatic cost savings to be made in the healthcare and banking sectors, as enquiry resolution times are reduced and cost savings boosted. Research author Lauren Foye explained: “We believe that healthcare and banking providers using bots can expect average time savings of just over 4 minutes per enquiry, equating to average cost savings in the range of $0.50-$0.70 per interaction. As Artificial Intelligence advances, reducing reliance on human representatives undoubtedly spells job losses.”

Juniper forecast that the success rate of bot interactions in the banking sector to reach over 90% in 2022.

Other Channels Ripe for Development

Meanwhile SMS chatbots, which are likely to be less successful in generating revenues than app-based bots, can offer a ubiquitous service for mass messaging. Governments, for example, could use chatbots in times of emergency.

Juniper believes that A2P messaging providers will adopt chatbots as a means to offer information to consumers and forecasts the number of A2P SMS sent from chatbot interactions to exceed 100 billion by 2022.
The whitepaper, Chatbots ~ Critical To Businesses: Here’s Why, is available to download from the Juniper website together with further details of the new research.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.