Chatbots for Banking Market Set to Witness Steady Growth through (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. 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.

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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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Key Vendors of Chatbots for Banking Market: Maruti Techlabs, Inbenta Technologies, Inc., Nuance Communications, Inc., Next IT Corporation, Kore.ai, Inc., CreativeVirtual, Pypestream, Nano Rep, Inc., Mindmeld, Inc. and Ubisend.

Global Artificial Intelligence in Chatbot Security Market: Taxonomy

On basis of type of chatbot,

Stand Alone
Web Based

On basis of platform

Mobile-Based
PC-Based

On basis of application

Website
Contact Centers

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This release was published on openPR.