Conversational Platforms in Banking – Thematic Research

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Conversational Platforms in Banking – Thematic Research

Conversational interfaces employ various technologies. This includes speech recognition, natural language processing (NLP), contextual awareness, and machine learning—to enable human-like interactions with computer systems. Within banking, there are simple bots that effectively follow mapped-out conversations with decision trees to tirage customers, to bots underpinned by machine learning algorithms that evolve capabilities over time in response to customer interactions.

The conversational platforms in banking industry thematic intelligence report assess how conversational interfaces, combined with other emerging technologies, can be used across the financial services value chain. It provides an overview of the current landscape and the evolution of various virtual assistants, including Apple’s Siri, Amazon’s Alexa, etc. It also lists the technology, regulatory, and macroeconomic trends, and key players in the conversational banking platform’s theme.

Report Pages 40
Regions Covered Global
Key Technology Trends Messaging Apps and Super-Apps, Task-Specific Bots, Payment Through Chatbots, Chatbots as Cross-Channel ‘Glue’, Personalization in Bots, Middle Office Chatbots, Limits of Chatbots, Bots for Hybrid Advice, ‘Chatbots as a Service’ Offer, In-Branch Chatbots, Backend Connectivity, Embedded Bots, and Cloud-Native Bots
Key Macroeconomic Trends COVID-19, Financial Wellbeing, Cost reduction and time-to-market, Younger Generations, and Unbanked/Financial Inclusion 
Key Regulatory Trends Open Banking, Cyber Security, Internal functions, Data Privacy, Data Storage, Liability, and Different Platforms – Different Policies
Value Chain Lead Generation, Customer Support, Advice, and Post-Sales Support
Leading Financial Services Provider Ally Bank, American Express, ANZ, Axis Bank, Bank of America, BNP Paribas, Capital One, La Caixa, CommBank, DBS, Hang Seng Bank, HDFC, HSBC, JPMorgan Chase, and Standard Chartered
Leading Technology Providers Alibaba, Alphabet, Amazon, Baidu, Kasisto, IBM, Microsoft, and Personetics

For more insights on conversational banking platforms, download a free report sample

Conversational Banking Platforms - Key Trends

The main trends shaping the conversational platforms in banking theme are classified into three categories: technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: The rising usage of messaging apps and super-apps, the success of task-specific bots, the growing preference for making payments through chatbots, the advantage of multi-channel accessibility of chatbots, and personalization in bots, e.g., multilingual bots are some of the technology trends impacting the conversational platforms in banking theme. Additionally, ‘chatbots as a service,’ embedded chatbots, and cloud-native bots are redefining how customers interact. Other technology trends include middle office chatbots, bots using artificial intelligence (AI) and analytics for hybrid advice, in-branch chatbots, and back-end connectivity.

Macroeconomic Trends: The key macroeconomic trends impacting the conversational platforms in banking theme are the effect of the COVID-19 pandemic, increasing focus on financial wellbeing, cost reduction and time-to-market, different preferences and expectations of the younger generations, and financial inclusion.

Regulatory Trends: The regulatory trends impacting chatbots in banking are adopting open banking systems, cybersecurity, internal compliance functions, data privacy, data storage, complexities arising from different platforms having different policies and liability issues.

For more insights on key trends impacting conversational banking platforms, download a free report sample

Conversational Platforms in Banking – Industry Analysis

AI-powered tools can help address many customer inquiries, but they can also cause frustration if not properly supported. Experience from other implementations is that banks must be upfront about what the bot can be expected to do, and direct consumers to it with the right expectations. It’s critical to have smooth hand-offs and channel transitions at moments of complexity, ambiguity, or other types of financial stress. Amazon completely dominates the war for talent in FS-focused bots, followed by Apple.

The conversational banking platforms market analysis also covers:

  • Mergers and acquisitions
  • Timeline

Conversational Platforms in Banking – Value Chain Analysis

GlobalData’s financial services value chain is split into four key segments: lead generation, customer support, advice, and post-sales support.

Lead Generation: Chatbots in e-commerce are well established for lead generation and sales support. Email campaigns and cold calls are increasingly ineffective, with chatbots presenting a less irritating outreach while also adding a novelty factor.

Customer Support: Judicious use of pre-scripted bots can be highly effective at taking simple tasks away from call centers, freeing up advisors for more high-value, high-risk interactions.

Financial Services Value Chain

Financial Services Value Chain

For more insights on financial services value chain, download a free report sample

Leading Financial Services Providers in the Conversational Platforms in Banking Theme

Some of the leading financial services providers making their mark within the conversational platforms in banking theme are Ally Bank, American Express, ANZ, Axis Bank, Bank of America, BNP Paribas, Capital One, La Caixa, CommBank, DBS, Hang Seng Bank, HDFC, HSBC, JPMorgan Chase, and Standard Chartered among others.

Leading Technology Providers in the Conversational Platforms in Banking Theme

Some of the leading technology providers making their mark within the conversational platforms in banking theme are Alibaba, Alphabet, Amazon, Baidu, Kasisto, IBM, Microsoft, and Personetics among others.

Conversational Platforms in Banking Sector Scorecard

GlobalData uses a scorecard approach to predict tomorrow’s leading companies within each sector. The sector scorecards help to determine which companies are best positioned for a future filled with disruptive threats. Each sector scorecard has three screens:

  • The thematic screen shows who are the overall leaders in the 10 themes that matter most, based on the thematic engine.
  • The valuation screen shows whether publicly listed players appear cheap or expensive relative to their peers, based on consensus forecasts from investment analysts.
  • The risk screen shows who the riskiest players in each industry are, based on the assessment of four risk categories: operational risk, financial risk, industry risk, and country risk.

Retail Banking Sector Scorecard – Thematic Screen

Retail Banking Sector Scorecard – Thematic Screen

To know more about sector scorecards related to the banking industry, download a free report sample

Reasons to Buy

  • Identify key players within the conversational platforms banking value chain.
  • Understand key trends within the conversational platforms in banking theme.
  • Learn about the key players operating in this space.

Ant Group
Goldman Sachs
DBS Bank
Bank of America
Bank of America
Wells Fargo
Capital One

Table of Contents

Executive Summary


Thematic Briefing


Industry Analysis

Value Chain


Sector Scorecard

Further Reading

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