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Chatbot integration to save banks $7.3B by 2023

February 22, 2019

Juniper Research has released a study showing that banks will save $7.3 billion in costs globally by 2023 through the increased use of chatbots, up from $209 million in 2019.

The research indicated that chatbot integration in mobile banking apps will account for 79 percent of successful integrations by 2023.

"We think that chatbot integration will be one of the drivers for greater adoption of mobile banking apps, particularly in developed markets where penetration is high, but mobile banking adoption is already a compelling proposition to users,” Juniper Senior Analyst Nick Maynard told Mobile Payments Today via email. “Growth in mobile banking penetration will be driven by key emerging markets, such as India and China.”

The report also showed that AI chatbots will have a major impact on the management of auto, health, life and property insurance globally, saving insurers approximately $1.3 billion by 2023, compared with approximately $300 million in 2019.