The Michigan State University Federal Credit Union (MSUFCU) recently announced that they have estimated a savings of $735,000 by replacing 21 employees with chatbots. This move is part of the credit union’s efforts to streamline operations and reduce costs.
Chatbots are computer programs that can simulate conversations with human users. They are increasingly being used in customer service roles, as they can provide quick and accurate responses to customer inquiries. MSUFCU has implemented chatbots in its customer service department, which is responsible for responding to inquiries from members about their accounts.
The estimated savings of $735,000 is the result of replacing 21 employees with chatbots. This is a significant cost savings for the credit union, as it will no longer have to pay salaries and benefits for those employees. Additionally, the chatbots are expected to be more efficient than human employees, as they can respond to inquiries quickly and accurately.
The implementation of chatbots at MSUFCU is part of a larger trend of businesses utilizing technology to reduce costs and improve efficiency. Many businesses are turning to artificial intelligence and automation to reduce labor costs and increase productivity.
MSUFCU’s move to replace 21 employees with chatbots is an example of how businesses can use technology to reduce costs and improve efficiency. The estimated savings of $735,000 is a significant amount for the credit union, and it is likely that other businesses will follow suit in utilizing chatbots and other forms of automation to reduce costs and improve efficiency.
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