Chatbot Conversations to Deliver $8 Billion in Cost Savings by 2022

Chatbots hold the potential one day to replace the tasks of many human workers with AI programs sophisticated enough to hold fluent conversations with human users. Juniper Research defines a chatbot as ‘A computer program utilising technology designed to simulate conversational interactions with human users, which may also include automated processes triggered from these interactions.’

Chatbots are becoming increasingly influential in day to day life. These programs have been developed to aid in a range of industries, from simple banking transactions, to healthcare enquiries, and Juniper forecasts that chatbots will be responsible for cost savings of over $8 billion per annum by 2022, up from $20 million this year.

Through its research Juniper has discovered that the banking sector is most suited and primed to an immediate roll-out of chatbots compared to other industries; with use cases relating to more linear and simple enquiries; ie ‘what is my balance?’, ‘when is my energy bill due to be paid?’.

Financial services are in an industry increasingly faced with lower customer loyalty as users are more likely to seek out better deals. Therefore providing fast hassle free services through chatbots is a means of customer retention. Juniper notes that this sector has already had interest from major players in the finance industry, but it does also present those in the market with unique challenges compared to others; such as established banking habits, and the opportunity to upsell other financial products in future.