Saves time and cost by customer service chatbot
A new study released by UK-based Juniper Research estimates that customer service chatbot will help businesses save more than $8 billion per year by 2022. Bots have the ability to improve the efficacy and productivity of workers in businesses by providing quick answers and solutions to customers with simple queries. As a result, they reduce operational costs, manpower and time.
“Time is money”
Finance giant, JPMorgan Chase & Co launched COIN, a customer service bot capable of analysing complex legal contracts faster and more efficiently than human lawyers can. The bot has helped complete what JPMorgan staff spends over 360,000 hours a year doing in just a matter of seconds.
According to Juniper Research, industries who manage large volumes of human interaction can benefit the most from bots. The study predicts that the success rate of bot interactions in the healthcare sector will increase from 12% in 2017 to over 75% by 2022, while it will climb for the banking sector to 90%.