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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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 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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