We outline the market outlook for chatbots and virtual assistants in the financial services industry — from investment trends and leading companies to recommendations for the players in the space.
What are chatbots & virtual assistants?
Chatbots and virtual assistants use conversational artificial intelligence (AI) designed to digitize and automate bank-customer interactions. These solutions allow customers to find quick answers to their questions and provide banks with a significant customer data collection channel.
Features & capabilities
Chatbots and virtual assistants provide banking leaders with several capabilities, including:
- Consumer banking digital assistants
- Enterprise-grade conversational artificial intelligence (AI) platforms
- Digital experience platforms
- Cloud call center-as-a-service
- AI-native and health insurance portability and accountability act (HIPAA) compliant enterprise solutions
- Insights tool for analytics
Benefits
Chatbots and virtual assistants companies offer these substantial benefits to banking leaders:
- Improved operational efficiency
- Improved customer experiences
- Improved response times
- Reduced front office costs
- Increased employee productivity
- Reduced call volumes
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