Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Customer Engagement

Chatbots Could Save Institutions $8 Billion By 2022

by Jackie Davis
July 26, 2018
in Customer Engagement
Reading Time: 3 mins read
A A
chatbots
Share on FacebookShare on Twitter

Chatbots offer customers unparalleled convenience offering real-time support, 24-7 guidance, and the ability to interact no matter where they are. While chatbots are preferred by many consumers, their use also offer businesses increased return on investment (ROI), decrease in labor expenses, and boosted customer engagement. A recent Juniper Research study suggests that by the end of 2022, chatbots could result in over $8 billion in savings for retail, ecommerce, banking, and healthcare. This year, every three in four customer communications will be on digital channels. Banks and financial institutions that dive into chatbot technology can expect to see an array of benefits.

Over 2.5 million people worldwide use at least one messaging app. It’s estimated that number will grow to 3.6 billion over the coming years. Customers are flocking to messaging apps that are easy to use and offer information whenever needed. Chatbots allow financial institutions to engage with customers over different messaging channels using cloud-based technology that is easy to modify and maintain.

Chatbots allow financial institutions to be available whenever a customer needs them, which in today’s marketplace is key. Direct messaging performed on a chatbot platform offers allows for convenient, fast inquiries into a product or service and offers the financial institution an upselling opportunity. A satisfied customer who feels their needs are met are more likely to refer other customers and buy additional products themselves resulting in increased ROI for the financial institution.

According to Juniper Research, chatbots cut the response and interaction times via phone and social media, that decrease is projected to save institutions more than 2.5 billion hours by 2023. Recent Gartner research predicts that chatbots will be used in 25 percent of customer interactions by 2020. The research shows that chatbots are the future of customer service. Decreased wait times, increased savings, and engaged customers make the switch to chatbot technology a worthy venture.

To learn more about chatbots and what the technology can do for financial intuitions, watch this webinar.

Tags: EngageOne ConverseGartnerJuniper ResearchPitney Bowes

RELATED POSTS

Three Things 2019 Taught Bankingtech Professionals About Data
Banking

Three Things 2019 Taught Bankingtech Professionals About Data

December 20, 2019
Using Knowledge Fabric to Meet Customer Expectations in the Digital Era
Banking

Using Knowledge Fabric to Meet Customer Expectations in the Digital Era

December 9, 2019
Is Place Data the Most Important Part of an Organization’s Knowledge Fabric?
Banking

Is Place Data the Most Important Part of an Organization’s Knowledge Fabric?

December 4, 2019

TRENDING NOW

  • Who’s Driving Digital Transformation for Banks and Financial Institutions?

    Who’s Driving Digital Transformation for Banks and Financial Institutions?

    499 shares
    Share 200 Tweet 125
  • With a Virtual CISO, Financial Services Institutions Can Upgrade Their Security Posture

    496 shares
    Share 198 Tweet 124
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    645 shares
    Share 258 Tweet 161
  • Email Phishing and Spam Protection Help Financial Services Institutions Build Trust and Credibility with Customers

    506 shares
    Share 202 Tweet 127
  • Selling Life Insurance Policies Via Vending Machines is the Ultimate Form of Customer Convenience

    554 shares
    Share 222 Tweet 139

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us