Juniper Research released a study showing that banks will save $7.3 billion in costs globally by 2023 due to 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,” 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 insurance claims management, saving about $1.3 billion by 2023, across auto, health, life and property insurance globally, compared with about $300 million in 2019.