ICT RESEARCH REPORTS Chatbots-for-Banking-Market | Page 2

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.
Browse More About the Market Study @
https://www.coherentmarketinsights.com/ongoing-insight/chatbots-for-banking-market-1581
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.