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.