Chatbots for Banking Market To Witness a Phenomenal Growth in Artificial Intelligence (AI) With Top Industry Participants Maruti Techlabs, Inbenta Technologies, Nuance Communications, Next IT Corporation, Kore.ai, CreativeVirtual, Pypestream, Nano Rep

Coherent Market Research Published a Half Cooked Research Report on Global Chatbots for Banking Market Research Report. Avail the in-depth table of content Table of Content and market synopsis on “Chatbots for Banking Market Research Report - Global Forecast up to 2026.”

The Global “Chatbots for Banking Market” research report demonstrates the fast developing conditions of the global market. The report reveals realistic data of the market. It covers current trends and predicts the revenue and potential developments of key players.

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.

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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.

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.

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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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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