Today, the financial services industry with the escalating costs and low customer satisfaction is increasingly inclining towards bots, to provide a fluid and content-rich user experience. Further with the implementation of emerging technologies such as big data, machine learning, artificial intelligence and blockchain, the financial industry is undergoing a drastic change in the way financial services are delivered and consumed. With bots replacing mobile and web applications, a transition from transactional to conversational interaction is on its way. Bots offer customers a choice to engage at their convenience, to ensure better services and customer satisfaction.
According to Deepali Sathe, ICT Senior Industry Analyst at Frost & Sullivan, bots with their speed of execution and ability to accurately respond to queries, are to lead. Additionally, bots with their ability effectively handle repetitive tasks paves way for new business opportunities for robotic process automation (RPA) and chatbots that are designed and configured to respond immediately to customers. Adding further, she said that easily deployable solutions and pre-designed vertical bots will have a significant impact on the industry.
Noting further, she said that bots are channel-agnostic and support quick and easy deployment on websites, mobile phones, internal organizational systems, messaging apps, and social platforms. But, ambiguity in regulations, lack of standards, and a fragmented market are a big hindrance for bots’ rapid growth and adoption. Companies need to collaboratively build a bot ecosystem to harness opportunities in such a market, that can help them scale up, push for favorable regulations, and launch innovative, industry-specific solutions.