A study finds that chatbots saved business an average of $300K each in 2019 and HSBC, one of the largest banks in the world, is building a digital platform with APIs to unlock open banking opportunities to its more than 38 million customers.
“Business has only two functions – marketing and innovation.” – Milan Kundera
In this article, we’ll cover the following most recent digital marketing news:
- Businesses reporting significant savings thanks to chatbots
- HSBC is building a new digital banking platform
Let’s dig in.
[Study] Chatbots Saved Business $300K in 2019
According to a recent Intercom study, whilst chatbots continue to increase user efficiencies, drive conversions and engage customers, businesses are also reporting significant revenue growth and savings thanks to the technology. The report states, business leaders saved an average of $300,000 in 2019 from their chatbots. However, rising consumer expectations of chatbots show there is plenty of room for improvement.
The study also surveyed consumers and found that 74% of consumer respondents indicated that they expect to encounter a chatbot on a website, and 87% still prefer chatting with a human instead of a bot.
Why should you care? Chatbots are becoming more than just a common component of the marketing technology stack. According to an earlier study, chatbots are forecasted to drive $112 billion in retail sales by 2023.
“Chatbots increased sales by an average of 67%, with 26% of all sales starting through a chatbot interaction,” the study found. The primary business departments that use chatbots are sales and support, at 41% and 37% respectively.
HSBC Builds the Bank of the Future
HSBC, one of the largest banks in the world, is building a digital platform with APIs to unlock open banking opportunities with the help of MuleSoft.
In a press statement, HSBC said it will use MuleSoft to turn its core banking products into re-usable APIs. By packaging its core services as APIs, the bank said it can make them available to others to develop new services on its data. For example, the bank’s mortgage API could be opened up to property websites.
“HSBC is driving incredible innovation in the era of open banking through API-led connectivity,” said Dinesh Keswani, group CTO and CIO of retail digital banking, HSBC. “We are moving to serving customers across multiple online and offline channels. With MuleSoft, HSBC has built thousands of APIs in an application network and deployed them across multiple environments to deliver new and consistent experiences. We’ve been able to reduce our app development time by 75% and release new functionality to consumers every two weeks versus once a quarter.”
Why should you care? By building APIs with MuleSoft, HSBC can unlock its backend systems and connect them with trusted third parties to develop a range of other new customer-facing services. By enabling an API ecosystem to innovate on top of its core bank platform, HSBC can drive speed, agility and innovation at scale to deliver more value for its more than 38 million customers.
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