Future Of BFSI Sector Lies With Development Of Chatbot Technology

Conversations and customer services are changing with time, especially in evolving sectors such as BFSI. Chatbots are easy to create and bring about a communication revolution that will define the future of financial services.

Today, conversations have become automated and tech-driven, which helps human customer care personnel to focus on more critical issues and saves the company money and resources. Although one might think that advent of chatbots would make financial institutes less personal the technological advancements have bridged the gap so seamlessly that it is impossible to know whether you are talking to a human or a robot. More importantly, in this fast-paced world, one cares about solving a problem more quickly rather than spending time waiting for personal services.

According to Allied Market Research, the chatbot market in BFSI is expected to reach $3.39 billion by 2027, growing at a CAGR of 27.3% from 2020 to 2027. The financial sector has been one of the major sectors that hit the wave of technological innovations. The rise of retail challenger banks and SaaS-driven companies are prime factors behind the growth of chatbots in BFSI. More and more financial services companies have been implementing chatbots in the SaaS space and this tech-driven attitude will allow the BFSI industry to adopt new technology faster and help develop a profitable business model.

The Covid-19 pandemic was a wake-up call for the financial sector. It forced companies to adopt work from home culture and utilize tools such as chatbots to enhance digital engagement. Moreover, conversational productivity software is not an integral part of any financial company. The bottom line is simple. If financial services fail to dseliver information to customers, they will look for other websites or financial applications to gain a better experience. Moreover, the pandemic encouraged several firms to transition to a digital working approach and offer customers tech-driven financial services.

The boom of digital marketing has forced financial companies to look twice at their customer services and redirect the internet traffic to their website or brand. More often than not, customers leaving your website is a loss of opportunity regardless of the value of your brand name in the market. On the other hand, chatbots are fast and offer a more personalized experience to their users. It increases engagement with customers, which are looking for quick solutions.

While chatbots are not the ultimate solution to any and every customer’s problem, it indeed offers a tool to cater to everyone’s preferences. Moreover, customers can choose to use chatbots or not. But acceptance of chatbots for quick replies and solutions has grown tremendously. Financial institutions have already invested in digital infrastructure, benefiting from strong SEO, and improving customer interactions. This will define the future of the chatbot market in the BFSI sector.

Having said that, conversation tools in the financial sector are evolving rapidly and chatbots are a major part of it. BFSI sector must encourage to use the potential of chatbots to improve engagement with customers and build a conversational marketing workflow without writing complicated codes.

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