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A study anchored by Juniper Research recently concluded that the use of chatbots could reduce costs by up to eight billion US dollars every year till 2022. This is particularly true for banking and healthcare where human interactions have traditionally been longer. Per use of chatbots will lead to a decrease and time spent and overall savings. Customers do not mind dealing with robots as long as their work is done. Up to three quarters to ninety percent of interactions at such firms will not be handled by chatbots over the next five years. Advancement in technology would also lead to sophisticated health diagnostics done by such bots. Chatbots work using the principle of data warehousing. By storing huge troves of data it can predict moves of several customers as well as give answers to questions which have been asked in the past.

Source:http://www.cnbc.com/2017/05/09/chatbots-expected-to-cut-business-costs-by-8-billion-by-2022.html

Uploaded Date: 22nd May 2017

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