Chatbots for Banking Market Technological Advancements, Growth Opportunity and Forecast 2018-2026
A chatbot is a
software program that facilitates interactions among humans and virtual
assistants with the help of artificial intelligence (AI) capabilities. The AI
integrated with chatbot offers security along with handling texts and other
forms of inputs from multiple individuals, this allows the applications to be
more intuitive and comfortable while chatting. The security it offers allows it
to be utilized for banking transactions.
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The features AI
offers aids in ease of access and security and these are the key factors
driving adoption of chatbot in banking sector, thus, fuelling growth of the
market. Also, chatbot that are integrated with multiple gadgets such as mobile
devices, web browsers, and other applications, which help reduce customer efforts,
are expected to improve analytical capabilities and enable automation by
customizing voice and text. This is expected to increase productivity of the
bank officials and reduce workforce that is otherwise required for customer
service and phone banking. Banks are increasingly adopting the AI capabilities
in the form of chatbot and are benefitting on account of aforementioned
features.
Even though these
chatbots are helpful for banking operations, these have certain privacy
concerns, wherein incidences such as fraudulent access is possible. Also, the
function of chatbots is more dependent on human for receiving an appropriate
answers to the queries. These facts are anticipated to impede growth of the
chatbots for banking market.
Proliferation of smart and connected devices is the major factor
driving growth of the market
Rising adoption
of smart devices, which includes smartphones and tablets, is expected to fuel
growth of the chatbots for banking across the regions during the forecast
period. Growing adoption of smartphones is allowing banks to automate various
processes required for advertising, promotions, and providing informative
messages to client with personalized and customized manner as per category of
the client. This includes SMS & MMS, mobile web, mobile video &
television, and several other channels.
Customers with
simple and basic queries are dealt with by chatbots thereby, increasing
productivity of the workforce. These chatbots are not subject to time and hence
are available round the clock. Chatbots are capable of answering queries in
multiple languages and thereby, help resolve queries effectively in suitable
language of the customer. The AI capabilities incorporated in chatbots allows
it to remember customer preferences and suggests products based on that
history. It also learns from customers preferences and thereby fine-tunes the
suggestions as per customers’ specific needs. This increases the effectiveness
of targeted advertisements and cross sells.
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Global chatbots for banking Market: Regional Insights
North America
held a dominant position in the global chatbots for banking market in 2017, and
is expected to retain its dominance throughout the forecast period. This growth
is attributed to the region being early adopters of advanced technologies such
as chatbots in banking. Furthermore, increasing number of banks in this region
are focusing on adopting this technology. For instance, in March 2018 Bank of
Montreal (BMO), announced rollout of two chatbots for Facebook messenger and
Twitter. Additionally, if consumers are not comfortable with the idea of being
answered by a chatbot, BMO offers the option for users to switch to a human
customer services at any time during the call or chat. Also, adoption of
chatbots in European region is gaining traction and banks are focusing on
incorporating AI in their systems, In Germany, Deutsche Kreditbank AG
collaborated with FinReach—a Berlin-based financial technology start-up—to
develop 'Herbie', a chatbot designed to help people through loan application
process.
Asia Pacific is
expected to exhibit high growth in the global chatbots for banking market over
the forecast period. This is owing to increasing support by governments in
countries such as Singapore. Increasing government support and other factors
have made Singapore as one of the top global fintech hubs. Investments in
collaborative fintech companies have rose to 138% and the banks in the country
have been increasingly focusing on adopting novel technologies to enhance their
share. For instance, in November 2017 DBS redesigned its IT infrastructure and
have made it more focused towards development of AI and chatbots to enhance
banking experience for its customers. Therefore, these factors are expected to
aid in growth of the region in the global market.
Global Chatbot for Banking Market: Competitive Background
Major players
operating in the chatbot for banking market are Maruti Techlabs, Inbenta
Technologies, Inc., Nuance Communications, Inc., Next IT Corporation, Kore.ai,
Inc., CreativeVirtual, Pypestream, Nano Rep, Inc., Mindmeld, Inc. and Ubisend.
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