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.