The Role of Bots in Financial Services, 2018

The Role of Bots in Financial Services, 2018

Fundamental Shift Evident in the Transition from Transactional to Conversational Customer Interaction

RELEASE DATE
12-Dec-2018
REGION
Global
Research Code: ME2F-01-00-00-00
SKU: IT03770-GL-MR_22624
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Description

One of the most critical challenges that the financial services industry continues to struggle with is the introduction of technology-enabled solutions into their businesses. Evolving customer demands and technologies require companies to adapt rapidly and offer customers what they want, when they want, and where they want. This mean that customers be provided access to financial services 24×7, irrespective of channels. To create a seamless experience, bots capable of processing real-time interaction and natural language usage are being initiated.

Bots can bring about a phenomenal change in the financial services industry. However, most bot implementations are fairly basic, and it will be a couple of years before sophisticated bots become popular. Companies are experimenting with advanced robot-advisory services but on a much smaller scale. Ambiguity about bot capabilities is restricting growth for now, as companies need to be aware of the impact on customer engagement. Bots bring speed, accuracy and proactive dialogue to the table, and companies are definitely looking to experiment. Reliance on other companies to use their messengers or AI capabilities can be challenging, in the light of growing hacks/cyber attacks.

Bots are being deployed by financial institutions globally, though the maturity of the solutions varies, and local market conditions play a significant role. As both large and small companies invest in bots, the pace of innovation is high, and even financial institutions are actively involved with accelerators and sandboxes to help startups. The fragmented state of the industry creates challenges for users, and solution providers are increasingly trying to work with each other to offer a consolidated solution to users.

Key Features

The objective of this study is to understand the scope of applications of bots in the financial services industry globally, the various outcomes, and their impact on the industry. Bots have revolutionized the way companies can engage with their customers. The range of functions where bots can be deployed is encouraging many companies to experiment and explore the various options. This study delves deeper into the ecosystem, and discusses technologies that empower bots, global market trends and growth opportunities.

This report will provide:

  • An introduction to Bots
  • Technology trends, and their impact on the industry
  • Role of bots in the financial services industry
  • Drivers and restraints
  • Growth opportunities

The report also includes company profiles of some market participants, examples of bots, and recent development, such as investments and collaborations in the industry.


Key Issues Addressed

  • What are the challenges to traditional banking system that are met by bots?
  • What technologies are impacting the bot industry?
  • What are the different areas where bots can impact the financial services industry?
  • What are the drivers and restraints?
  • What are the key growth opportunities?

RESEARCH: INFOGRAPHIC

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Table of Contents

Key Findings

Definition and Applications

Research Focus

Implementation and Impact

Different Outcomes

Ecosystem

Overview

Machine Learning

Artificial Intelligence

Blockchain

Wide Range of Applications Across Functions

Tackling Financial Crimes

Enhancing Customer Experience

Improving Process Efficiency

Improving Operational Efficiency

Enhancing Service Capabilities

Regional Overview

Asia-Pacific

North America

Europe

Rest of the World (RoW)

Investments Indicate Global Interest and Rapid Growth

Collaborations and Partnerships

Multiple Risks Impact Pace of Growth

Market Drivers

Market Restraints

Avaamo

Kore.ai

LivePerson

Nuance

Senseforth

Growth Opportunity 1—Predesigned Vertical-Specific Bots

Growth Opportunity 2—Strong Ecosystem

Growth Opportunity 3—Conversational AI

Strategic Imperatives for Bot Providers

3 Big Predictions

Legal Disclaimer

List of Exhibits

List of Figures
  • 1. Bots in Financial Services: Recent Investments, Global, 2017–2018
  • 2. Bots in Financial Services: Partnerships and Collaborations Among Solution Providers, Global, 2018
  • 3. Bots in Financial Services: Market Drivers, Global, 2019–2022
  • 4. Bots in Financial Services: Market Restraints, Global, 2019–2022
List of Charts
  • 1. Bots in Financial Services: Understanding Bots, Global, 2018
  • 2. Bots in Financial Services: Types of Bots, Global, 2018
  • 3. Bots in Financial Services: Implementing Bots Across Processes, Global, 2018
  • 4. Bots in Financial Services: Multiple Outcomes of Bots1, Global, 2018
  • 5. Bots in Financial Services: Different Types of Market Participants, Global, 2018
  • 6. Bots in Financial Services: Different Types of Providers in the Bot Ecosystem, Global, 2018
  • 7. Bots in Financial Services: Overview of Technologies, Global, 2018
  • 8. Bots in Financial Services: Bots and Machine Learning, Global, 2018
  • 9. Bots in Financial Services: Bots and Artificial Intelligence, Global, 2018
  • 10. Bots in Financial Services: Bots and Blockchain, Global, 2018
  • 11. Bots in Financial Services: Application of Bots*, Global, 2018
  • 12. Bots in Financial Services: Reducing Online Financial Fraud, Global, 2018
  • 13. Bots in Financial Services: Bots Tackling Financial Crimes, Global, 2018
  • 14. Bots in Financial Services: Enabling Better Experience for Customers, Global, 2018
  • 15. Bots in Financial Services: Bots Enhance Customer Experience, Global, 2018
  • 16. Bots in Financial Services: Increasing Efficiency of Processes, Global, 2018
  • 17. Bots in Financial Services: Bots Increase Process Efficiency, Global, 2018
  • 18. Bots in Financial Services: Increasing Operational Efficiency, Global, 2018
  • 19. Bots in Financial Services: AI Solutions to Enhance Operational Efficiency, Global, 2018
  • 20. Bots in Financial Services: Increasing Operational Efficiency, Global, 2018
  • 21. Bots in Financial Services: AI Solutions that Enhance Service Capabilities, Global, 2018
  • 22. Bots in Financial Services: Overview of Regional Factors, Global, 2018
  • 23. Bots in Financial Services: Trends, Opportunities, and Challenges, APAC, 2018
  • 24. Bots in Financial Services: Solutions Providers for Different Applications, APAC, 2018
  • 25. Bots in Financial Services: Trends, Opportunities, and Challenges, NA, 2018
  • 26. Bots in Financial Services: Solutions Providers for Different Applications, NA, 2018
  • 27. Bots in Financial Services: Trends, Opportunities, and Challenges, Europe, 2018
  • 28. Bots in Financial Services: Solution Providers for Different Applications, Europe, 2018
  • 29. Bots in Financial Services: Trends, Opportunities, and Challenges, RoW, 2018
  • 30. Bots in Financial Services: Solutions Providers for Different Applications, RoW, 2018
  • 31. Bots in Financial Services: Takeaways from Investments, Global, 2018
  • 32. Bots in Financial Services: Takeaways from Investments, Global, 2018
  • 33. Bots in Financial Services: Risks and their Impact, Global, 2018
Related Research
One of the most critical challenges that the financial services industry continues to struggle with is the introduction of technology-enabled solutions into their businesses. Evolving customer demands and technologies require companies to adapt rapidly and offer customers what they want, when they want, and where they want. This mean that customers be provided access to financial services 24×7, irrespective of channels. To create a seamless experience, bots capable of processing real-time interaction and natural language usage are being initiated. Bots can bring about a phenomenal change in the financial services industry. However, most bot implementations are fairly basic, and it will be a couple of years before sophisticated bots become popular. Companies are experimenting with advanced robot-advisory services but on a much smaller scale. Ambiguity about bot capabilities is restricting growth for now, as companies need to be aware of the impact on customer engagement. Bots bring speed, accuracy and proactive dialogue to the table, and companies are definitely looking to experiment. Reliance on other companies to use their messengers or AI capabilities can be challenging, in the light of growing hacks/cyber attacks. Bots are being deployed by financial institutions globally, though the maturity of the solutions varies, and local market conditions play a significant role. As both large and small companies invest in bots, the pace of innovation is high, and even financial institutions are actively involved with accelerators and sandboxes to help startups. The fragmented state of the industry creates challenges for users, and solution providers are increasingly trying to work with each other to offer a consolidated solution to users.--BEGIN PROMO--

Key Features

The objective of this study is to understand the scope of applications of bots in the financial services industry globally, the various outcomes, and their impact on the industry.

More Information
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Table of Contents | Executive Summary~ || Key Findings~ | Understanding Bots~ || Definition and Applications~ || Research Focus~ || Implementation and Impact~ || Different Outcomes~ || Ecosystem~ | Technologies Powering Bots~ || Overview~ || Machine Learning~ || Artificial Intelligence~ || Blockchain~ | Bots in Financial Services~ || Wide Range of Applications Across Functions~ || Tackling Financial Crimes~ || Enhancing Customer Experience~ || Improving Process Efficiency~ || Improving Operational Efficiency~ || Enhancing Service Capabilities~ | Market Trends~ || Regional Overview~ || Asia-Pacific~ || North America~ || Europe~ || Rest of the World (RoW)~ || Investments Indicate Global Interest and Rapid Growth~ || Collaborations and Partnerships~ || Multiple Risks Impact Pace of Growth~ | Drivers and Restraints~ || Market Drivers~ || Market Restraints~ | Company Profiles~ || Avaamo~ || Kore.ai~ || LivePerson~ || Nuance~ || Senseforth~ | Growth Opportunities and Companies to Action~ || Growth Opportunity 1—Predesigned Vertical-Specific Bots~ || Growth Opportunity 2—Strong Ecosystem~ || Growth Opportunity 3—Conversational AI~ || Strategic Imperatives for Bot Providers~ | The Last Word~ || 3 Big Predictions~ || Legal Disclaimer~ | Appendix~ || List of Exhibits~ | The Frost & Sullivan Story~
List of Charts and Figures 1. Bots in Financial Services: Recent Investments, Global, 2017–2018~ 2. Bots in Financial Services: Partnerships and Collaborations Among Solution Providers, Global, 2018~ 3. Bots in Financial Services: Market Drivers, Global, 2019–2022~ 4. Bots in Financial Services: Market Restraints, Global, 2019–2022~| 1. Bots in Financial Services: Understanding Bots, Global, 2018~ 2. Bots in Financial Services: Types of Bots, Global, 2018~ 3. Bots in Financial Services: Implementing Bots Across Processes, Global, 2018~ 4. Bots in Financial Services: Multiple Outcomes of Bots1, Global, 2018~ 5. Bots in Financial Services: Different Types of Market Participants, Global, 2018~ 6. Bots in Financial Services: Different Types of Providers in the Bot Ecosystem, Global, 2018~ 7. Bots in Financial Services: Overview of Technologies, Global, 2018~ 8. Bots in Financial Services: Bots and Machine Learning, Global, 2018~ 9. Bots in Financial Services: Bots and Artificial Intelligence, Global, 2018~ 10. Bots in Financial Services: Bots and Blockchain, Global, 2018~ 11. Bots in Financial Services: Application of Bots*, Global, 2018~ 12. Bots in Financial Services: Reducing Online Financial Fraud, Global, 2018~ 13. Bots in Financial Services: Bots Tackling Financial Crimes, Global, 2018~ 14. Bots in Financial Services: Enabling Better Experience for Customers, Global, 2018~ 15. Bots in Financial Services: Bots Enhance Customer Experience, Global, 2018~ 16. Bots in Financial Services: Increasing Efficiency of Processes, Global, 2018~ 17. Bots in Financial Services: Bots Increase Process Efficiency, Global, 2018~ 18. Bots in Financial Services: Increasing Operational Efficiency, Global, 2018~ 19. Bots in Financial Services: AI Solutions to Enhance Operational Efficiency, Global, 2018~ 20. Bots in Financial Services: Increasing Operational Efficiency, Global, 2018~ 21. Bots in Financial Services: AI Solutions that Enhance Service Capabilities, Global, 2018~ 22. Bots in Financial Services: Overview of Regional Factors, Global, 2018~ 23. Bots in Financial Services: Trends, Opportunities, and Challenges, APAC, 2018~ 24. Bots in Financial Services: Solutions Providers for Different Applications, APAC, 2018~ 25. Bots in Financial Services: Trends, Opportunities, and Challenges, NA, 2018~ 26. Bots in Financial Services: Solutions Providers for Different Applications, NA, 2018~ 27. Bots in Financial Services: Trends, Opportunities, and Challenges, Europe, 2018~ 28. Bots in Financial Services: Solution Providers for Different Applications, Europe, 2018~ 29. Bots in Financial Services: Trends, Opportunities, and Challenges, RoW, 2018~ 30. Bots in Financial Services: Solutions Providers for Different Applications, RoW, 2018~ 31. Bots in Financial Services: Takeaways from Investments, Global, 2018~ 32. Bots in Financial Services: Takeaways from Investments, Global, 2018~ 33. Bots in Financial Services: Risks and their Impact, Global, 2018~
Author Deepali Sathe
Industries Information Technology
WIP Number ME2F-01-00-00-00
Is Prebook No
GPS Codes 9705-C1,9B0E-C1