Chatbot is an Artificial Intelligence powered virtual assistant that is trained with large amounts of data to produce a response as an expert. The global Chatbot industry is expected to reach USD 1.25 billion by 2025, growing at a CAGR of 24.3%, according to a new report by Grand View Research, Inc. The Chatbot industry is expected to witness major development over the forecast period as they enable enterprises to considerably decrease operational costs. Following are some of the important use cases of Chatbots in Healthcare, Financial and Human Resource Industry.
Healthcare Industry Use Cases
Chatbots are redesigning the healthcare industry. While doctors and medical researchers push the boundaries of medicine, developments in Chatbots are shifting the way patients and doctors interconnect and how medical care is delivered. Patients often disremember to take medications and nutrition supplements as prescribed and it can risk their health. Here Chatbots can be very helpful to send medication prompts at a prescribed time to take the medications. Doctors can simply retrieve data about medicines and presented assistant-like support by identifying data to doctors about the active ingredients within medications, as well as recommended alternatives to drugs. Chatbots can be an asset to care managers, assisting convey vital information to patients about conditions, diseases or forthcoming procedures.
According to the recent report, the global healthcare Chatbots market was valued at roughly USD 123 million in 2018 and is probable to generate around USD 470 million by 2025, at a CAGR of around 21.2% between 2019 and 2025.
Financial Industry Use Cases
Chatbots can answer to enquiries about deposit and credit card accounts, transactions, and branch or ATM locations. Banks client can chat with Chatbot via voice or text message to help clienteles create healthier money habits. Financial Chatbots are tasked with providing day-to-day service to the bank’s customers, support in closing transactions and paying bills. They will analyze, check and plan payments, order transfers between accounts, block a credit card if essential or send cash to a friend in need.
According to a new Accenture report; Banks that invest in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average 34 percent and their employment by 14 percent by 2022.
HR Industry Use cases
Pre-Interview screening of a applicant is a worthy case where chatbots collect some of the details from the applicant and make an HR professional’s work much easier. Chatbots can help in answering most frequently asked questions for applicants. Chatbots can also collect feedback and suggestions from applicants who drop off during the process of application.
HR Chatbots helps to response employee queries about pay, stock, benefits and other HR plans. They can be used it to check employee timetables, schedule time off, and inform managers about unexpected leave or sick days.
According to a recent Forrester survey, roughly “85% of customer interactions within an enterprise will be with software robots in five years’ time” and “87% of CEOs are looking to expand their AI workforce” using AI bots.
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