Skip to main content

Banking and Healthcare Chatbot Apps will Blossom

Chatbots have the potential to complete many of the tasks currently performed by online workers via utilizing Artificial Intelligence (AI) systems that are capable of fluent conversations with human clients and customers.

Chatbots are becoming increasingly influential in day-to-day online life. These applications have been developed to offer assistance in a range of industries -- from simple banking transactions, to eRetail customer service inquiries.

The aim of a typical chatbots is to apply AI and cognitive computing technology to streamline routine business processes, such as customer service transactions and eCommerce processes.

Chatbot Market Development

According to the latest worldwide market study by Juniper Research, chatbots will redefine the customer service industry, with healthcare and banking sectors set to benefit the most from these ongoing application deployments.

Juniper forecasts that chatbots will be responsible for cost savings of over $8 billion a year by 2022 -- that's up from an estimated $20 million during 2017.

Furthermore, Juniper expects dramatic cost savings to be made within the healthcare and banking sectors, as inquiry resolution times are reduced and cost savings are boosted.


"We believe that healthcare and banking providers using bots can expect average time savings of just over 4 minutes per inquiry, 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 Lauren Foye, research analyst at Juniper Research.

Juniper also uncovered that bots can handle basic interactions such as healthcare diagnosis, where users can select predefined answers allowing bots to assess health issues and provide a recommended course of action. However, as AI capabilities advance, it's anticipated that bots could be able to aid in more sophisticated healthcare diagnostics.

Juniper has forecast that 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 the rate of interactions to reach over 90 percent in 2022.

Outlook for Emerging Chatbot Applications

Meanwhile 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 national, regional or local emergencies.

Juniper believes that application to person (A2P) messaging providers will adopt chatbots as a means to offer information to consumers, and they forecast the volume of A2P SMS sent from chatbot interactions to exceed 100 billion by 2022.

Popular posts from this blog

AI-Driven Data Center Liquid Cooling Demand

The rapid evolution of artificial intelligence (AI) and hyperscale cloud computing is fundamentally reshaping data center infrastructure, and liquid cooling is emerging as an indispensable solution. As traditional air-cooled systems reach their physical limits, the IT industry is under pressure to adopt more efficient thermal management strategies to meet growing demands, while complying with stringent environmental regulations. Liquid Cooling Market Development The latest ABI Research analysis reveals momentum in liquid cooling adoption. Installations are forecast to quadruple between 2023 and 2030. The market will reach $3.7 billion in value by the decade's end, with a CAGR of 22 percent. The urgency behind these numbers becomes clear when examining energy metrics: liquid cooling systems demonstrate 40 percent greater energy efficiency when compared to conventional air-cooling architectures, while simultaneously enabling ~300-500 percent increases in computational density per rac...