Market Trends of North America Chatbot Industry
This section covers the major market trends shaping the North America Chatbot Market according to our research experts:
BSFI is expected to witness a significant growth
- Chatbots simplify operations and guide customers to perform various financial operations conversationally and with complete safety. The consumer can do simple operations independently, such as checking an account, reporting stolen cards, making payments, renewing a policy, and managing a refund.
- A number of new opportunities are emerging for market providers as a result of the growing acceptance of live chats as a successful means of client engagement and chatbot technologies.
- Banking chatbots can be included in dedicated mobile banking apps or as a standalone feature on a bank's website. Chatbots can be personalized or ready-made, depending on their origin. Custom AI assistants are more effective and secure since they are built to exact specifications and under the close control of the financial institution into which the bot will be integrated. Ready-made bots are generic bots designed to be as versatile as possible while allowing for some customization.
- Several companies are taking strategic measures to adopt conversational AI technology. For instance, Bank of America launched a chatbot that sends users notifications, informs them about their balances, makes recommendations for saving money, provides updates to credit reports, and so on.
- In August this year, Westpac and FIS announced their investment of USD 15.5m Series C funding round extension in AI chatbot company Kasisto to leverage their KAI technology, a digital experience platform for financial services across their digital banking capabilities, to humanize digital consumer interactions.
- Moreover, in September last year, Finn AI, the AI-powered chatbot platform for banks and credit unions, announced that its conversational AI chatbot is now available as a premium Client Application on Genesys AppFoundry.
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United States to Hold the Highest Market Share
The United States is witnessing significant investments and innovations for health care chatbots and financial chatbots, and the market is driving towards AI chatbots and voice recognition chatbot technology. Various vendors are aiming to enhance customer service in the country with chatbots.
- Social media management is the new interface of e-commerce and customer care, and market vendors are providing AI capabilities to marketing, sales, and support teams worldwide, allowing them to deliver significant experiences at scale. For instance, in August last year, Hootsuite, a social media management company, acquired Heyday, an artificial intelligence chatbot company, for USD 60 million.
- Similarly, in September last year, sense, the prominent provider of AI-driven competency engagement and communication platform solutions, announced the launch of an AI chatbot for recruiting. The Sense AI Chatbot provides a smooth integration that channels and monitors more qualified candidates quickly while still providing white-glove, personalized candidate-focused experiences.
- The chatbots can provide answers to frequently asked questions, such as information about COVID-19, protocols, work taking place in the user's area, and optional services. Further, market vendors are focusing on service advancements for an enhanced customer service experience. In July this year, NIPSCO, a fully-regulated utility company in the United States, announced the launch of chatbots and live chat technologies to provide an improved customer experience.
- Many start-ups are stepping into the chatbot market in order to help organizations better communicate. For instance, in March this year, inFeedo announced that it had raised USD 12 million in Series A funding. inFeedo will act as a bridge between employees and their managers, with surveys executed by a chatbot called Amber, which the company refers to as a "chief listening officer."
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