Chatbots for Banking

Chatbots for Banking Market - Global Industry Insights, Trends, Outlook,
and Opportunity Analysis, 2018-2026
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.
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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.
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.
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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The research report on chatbots for banking market segments global market by chatbot type (Stand Alone and Web based), by platform (Mobile-based and PC-based), and by application (Websites and Contact Centres)

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