Chatbots, which will redefine the customer service industry, will assist healthcare and banking sectors to achieve cost savings of over $8 billion per annum by 2022 from $20 million this year, said Juniper Research.
Healthcare and banking sectors can make cost savings because they can reduce enquiry resolution times.
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,” said Juniper Research’s research author Lauren Foye.
Many bots are suited to enquiries such as healthcare diagnosis, where users can select predefined answers allowing bots to assess health issues and provide a recommended course of action. As AI capabilities advance, bots will be able to aid in more sophisticated healthcare diagnostics, such as monitoring and analysis of mental health.
The success rate of bot interactions in the healthcare sector (those completed without relocation to a human operator) will move from 12 percent currently, to over 75 percent in 2022. In the banking sector, Juniper expects this to reach over 90 percent in 2022.
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.
A2P messaging providers will adopt chatbots to offer information to consumers. The number of A2P SMS sent from chatbot interactions will exceed 100 billion by 2022.
