Chatbots for Banking Market Research Report 2019

Software designed to understand, learn, and converse like a human and answer ad-hoc queries in real-time is called as chatbot. Chatbots are gaining significant traction in various industries such as baking, finance, and healthcare to create differentiation in an increasingly crowded landscape. Many firms across the globe offer off-the-shelf products that help developers to build, test, host and deploy these programs using Artificial Intelligence Markup Language (AIML), an open source specification for creating chatbots. Furthermore, platforms supports integration with payment providers for easy processing of customer payments based on interaction with the bot.

Increasing adoption of chatbots by banking industry to provide financial services by investing in chatbots to deliver ‘contextual insights’ to the right person at the right time and through the preferred channel is the major factor driving growth of the chatbots for banking market. Chatbots utilize application programming interfaces (APIs) to integrate with data management platforms, which is used to analyze the extracted data as well a0s web- and mobile-based user interfaces and deliver the necessary insights to the end customer. Chatbots are designed to answer queries such as amount of money spent over specific period of time and list of ATM machines near the customer, which is fueling growth of the chatbots for banking market.

Key Developments of Chatbots for Banking Market

Market players are actively investing in developing advanced technology that helps in exchanging details, authentication, and easy transactions for banking sectors. Furthermore, leading players are offering services, which provide human-like conversation experiences. For instance, in 2017, HDFC Bank launched AI-based chatbot named Eva, which works with Google Assistant on Android devices. Eva was built for HDFC Bank by Bengaluru-based Senseforth AI Research. Moreover, in 2018, Kotak Mahindra Bank Ltd announced the launch of Keya, an AI-powered voicebot that is integrated with the bank’s phone-banking helpline. Keya is available in English and Hindi and is expected to augment the conventional interactive voice response (IVR) system. In 2018, Yatra.com, online travel portal introduced Yatra Universal Virtual Assistant (YUVA), which allows users to use both voice and text to communicate and complete bookings. Market players operating in chatbots for banking market include Ventury, Astute Solutions, Google, Inc., Imperson Ltd., Pandorabots Inc., Haptik Inc., Kasisto Inc., Kiwi, Inc., Slack Technologies Inc., and Talla Inc.

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