New research from Juniper reveals the billion-pound business benefits that can be realised by implementing chatbots. The industries ripe for chatbot tech are healthcare and banking, according to the report.
Healthcare and banking providers using bots can expect average time savings of just over four minutes per enquiry, equating to average cost savings in the range of $0.50-$0.70 per interaction. Responding to customer queries or advising patients on symptoms using automated messages could save global businesses £6 billion every year by 2022.
In banking, analysts believe over 90 per cent of interactions with bots will be successful without any human input by 2022 and in healthcare it will be over 75 per cent, up from a current success rate of 12 per cent.
But what about SMEs?
“We now live in an age where convenience always wins out. Brands need to solve problems quickly and efficiently and that’s where chatbots prove their worth – they’re quick and get the job done,” says Dean Withey, CEO at ubisend.
“What’s more AI and messaging services allow brands to improve the consistency of the service they offer. For example, chatbots have the ability to answer questions 24/7, they will never lose their temper with a customer and provide the quick and efficient communication that people demand.”
According to Withey, for businesses, one of the main benefits of AI is that it diagnoses problems people have and then points them in the direction they need to go to get it solved.
“It’s built on the Pareto principle; if all of the regular inbound questions a brand receives can be automated, you can remove those queries and create a larger, higher quality output for more complex queries.”
Ubisend is a creative AI technology company, which has developed chatbots for the likes of tea brand PG tips, bringing the famous Monkey brand mascot to life for Comic Relief, and Johnson and Johnson. The company enables brands to have on-demand, two-way conversations with their audiences anytime, anywhere, in real-time. These chatbots are created so that brands can talk to consumers through the channel they regularly use, including Facebook Messenger, Slack, and WeChat.
Being able to automate the answers to similar, simple questions is massively time efficient and has a significant impact on cost savings. It means the customer service team can provide a much better service for the same or a lower cost. They can then handle the queries that require additional support and this enables the brand to improve its customer relationship.
“The conditions are ripe for chatbots now,” Withey adds. “A perfect storm has been created where technology can now match or exceed consumers’ expectations of how brands should interact with them. There no longer needs to be a conversation gap.”