A Customer Service Chatbot: Boost Productivity with Time-Saving Magic

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%.

According to the 2018 State of Chatbots Report, 64% of respondents deemed “24-hour service” as the most expected benefit of customer service chatbots while the second most was “getting an instant response,” revealed by 55% of the participants.

Chatbots can be operational non-stop, engaging with customers 24 hours a day, 365 days a year with immediate and impeccable service.

Having good customer service around-the-clock has a positive impact on your customer satisfaction and retention. Deloitte reported that 62% of companies view customer experience delivered by a brand as a competitive differentiator.

Besides enabling a brand experience that is simpler and more seamless for customers, customer service bots also reduce a significant amount of cost and resources for your company. It is important for businesses to harness the benefits of deploying chatbots as tools to improve efficiency and customer experience both on the inside and out.