Chatbots for Banking Market continues to expand with ABAKA launching AI-powered ready-to-go financial advice chatbot as a service solution

 

Chatbots for Banking Market is a new service provided by a number of banks through their online banking systems. The main aim behind this is to automate tasks that are repetitive and tedious, which would otherwise require staff to perform. One of the key advantages of chatbots is profound use in customer service. Chatbots offer numerous advantages when it comes to customer service offerings including no wait time, cost optimization, improved self-service, minimized agent transfers, and quicker issue resolution. Chatbots can send notifications to customers, provide balance data, suggest how to save money, and provide credit card reports. Recently, in May 2020, the National Payments Corporation of India (NPCI) launched an artificial intelligence (AI)-based chatbot named PAi to create consumer awareness regarding its products such as FASTag, RuPay, UPI, and AePS on a real-time basis. Hence, such factors can augment growth of the chatbots for banking market.

Chatbots for Banking can help streamline operations. Over the years, customer engagement has become an essential avenue for any organization. As a result of this, organizations are opting for various strategies and using innovative technologies to boost their customer engagement activities. For financial institutions such as banks, customer engagement will improve brand awareness and increase revenue as well as expand business operations. Thus, such advantages can stimulate growth of the chatbots for banking market in the near future.

Recently, in September 2020, ABAKA, a provider of SaaS solutions, launched a new AI-powered ‘plugin and play’ financial advice chatbot as a service solution.

Many business verticals in the U.S., including banks, are increasingly adopting chatbots solutions. Since there is high adoption of advanced technologies such as machine learning, AI, Internet of Things, and APIs, the regional chatbots for the banking market are likely to witness robust growth in the near future. On the contrary, many banks and financial institutions in Asia Pacific regions are increasingly investing in chatbot and machine learning technology.

Banks are now huge conglomerates with multiple branches all over the country. The banks need to provide quick and convenient services to their customers. So, rather than having customer service representatives to deal with each customer individually, the bot system can handle all the inquiries and suggestions on the fly. Despite these advantageous features of chatbots, there are several challenges that need to be overcome. One of the challenges is the lack of accuracy in user’s voice authentication. Besides, there is still low awareness related to the effect of chatbot technology among financial institutions, which could potentially impede growth of the chatbots for banking market.