Usage of chatbots to enhance customer engagement is noted as key drivers for AI in BFSI Market
The demand for chatbots is expected to be the highest in the coming years as well as they are increasingly being used to enhance customer engagement. In the BFSI sector, customer engagement is of great importance, but due to the increasing automation in operational processes, personal contact with customers has reduced significantly. Attributing to the same, BFSI companies across the world are becoming increasingly concerned about customer retention.
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To achieve this, BFSI organizations are making use of AI for maintaining customer relationships, improving the operational efficiency, and increasing client satisfaction. Chatbots are employed for this purpose, as they are able to identify the context in the text chat and respond to it in an appropriate manner. In addition, chatbots can understand customer behavior and preferences by tracking transactional and other data to improve their experience.
The global AI in BSFI market reached a value of $3,091.9 million in 2018, as per P&S Intelligence, and is predicted to grow at a CAGR of 37.2% in the coming years. With the integration of AI, machines are able to analyze, think, and execute a task on their own, without human assistance. Speech recognition, machine learning, image analysis, deep learning, computer vision, and natural language processing (NLP) are some technologies through which AI is achieved.
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The global financial sector generated revenue of over $550.9 billion in 2016, and leaped from that value to around $624.5 billion in 2018, as per The World Bank. With this kind of growth, technological advancements are bound to affect the financial sector, in fact, the whole banking, financial services, and insurance (BFSI) sector. While advancements of any kind in any sector usually have a positive impact on it, these can also result in the added pressure of coping with the changing nature of things.
The employment of chatbots also helps banks by improving efficiency, and saving time and costs. Due to these factors, chatbots are being leveraged by financial enterprises for improving customer engagement.
