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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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.
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Global chatbots for banking Market: Regional InsightsAsia 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.
Global Chatbot for Banking Market: Competitive BackgroundMajor 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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