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4 Predictions of how chatbots will create big savings

4 Predictions of how chatbots will create big savings
In previous posts we have discussed how well chatbots have been received especially on the WhatsApp platform. Chatbot support has been the height of discussion in the communication technology industry for a while now and studies have confirmed that most customers already accept or even prefer chatbots.
Now that it’s clear customers prefer the speed and convenience of chatbots, let’s take a look at what’s in it for your business.
  1. Chatbots can cut operational costs by up to 30%.
Businesses in communication technology in Zimbabwe (ZOL, DSTV, Econet, etc.) have made a point of migrating their customer service methods to chatbots over the past two-three years and more so with the COVID-19 situation. Global chatbot statistics show that businesses spend roughly $1.3 trillion on customer requests per year. This number includes calls, internet comms and manpower. With the assistance of chatbots, this expense could be reduced by 30%.
  1. Bank systems will automate up to 90% of customer interactions using chatbots by 2022.
Are you aware of how long it takes to get through to your bank especially on a landline? And let’s not even talk about the reception. Almost 40% of major banks with over 500 customers implemented at least one intelligent assistant or AI-based chatbot in 2019. This doubled their customer satisfaction and freed up 64% of their workforce to deal with more complicated matters. By the end of 2020, 80% of organisations will shift their customer processes to a digital platform and use chatbots if they are not already doing so.
  1. 85% of customer interactions will be handled without human agents by 2021.
From the above you can gather that the future of customer service lies with chatbot support. It’s been predicted that 85% of customer interactions will be managed without humans by 2021. This means that customers will get answers instantly, companies will reduce costs, and agents can spend their time solving more complex issues.
  1. Companies will save 2.5 billion customer service hours using chatbots by the end of 2023.
The primary goal of companies implementing chatbots has been to reduce customer service work time. The introduction of chatbots will save 2.5 billion customer service hours globally over the coming years.The customer service cost reduction across the retail, banking, and healthcare sectors is estimated to amount to $11 billion annually by 2023.
Besides enabling a brand experience that is simpler, seamless and more accessible for customers, chatbots also reduce a significant amount of cost and resources for your business. It is important for businesses to harness the benefits of deploying chatbots as tools to improve efficiency and customer experience all round.
Resources: ChatbotLife Magazine

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