Market Overview

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.

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Market Dynamics

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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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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