Report Ocean has released a research study titled “Intelligent Virtual Assistant (IVA) Based Banking Market 2023 Forecast to 2032 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
The Intelligent Virtual Assistant (IVA) Based Banking can be defined as an AI-enabled chat assistant that provides personalized responses by combining data analytics and cognitive computing based on individual customer profile, past banking relations, and location. In banking sector IVA assist customers in making payments, saving money, transferring funds, and checking account balances. The growing BFSI Sector worldwide and increasing automation in banking sector as well as Strategic initiatives from leading market players are factors that are accelerating the global market demand.
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For instance, according to Statista – as of 2022, the revenue of Worldwide Banking, Finance & Insurances is estimated at USD 3.72 trillion in 2022, and the revenue is projected to show an annual growth rate of 2.47% between 2022 & 2025 to reach to USD 4 trillion. Furthermore, leading market players are working towards strategic collaborations to leverage the growing adoption to IVA. For instance, in June 2021, US based Dover Federal Credit Union partnered with interface.ai to deploy an intelligent virtual assistant to enhance member experiences & operational efficiencies. Also, growing emergence of 5G technologies in emerging economies and rising growth of banking and activities. are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a high deployment cost coupled with rising threat of cybercrimes impede the growth of the market over the forecast period of 2022-2028.
Major market players included in this report are:
Nuance Communications Inc.
True Image Interactive, Inc.
Verint Systems Inc.
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A deep analysis of the Intelligent Virtual Assistant (IVA) Based Banking Market within the financial technology industry can be summarized in 10 key points:
- Market Definition: The IVA-Based Banking Market involves the use of intelligent virtual assistants, powered by artificial intelligence and natural language processing, to provide automated customer support, perform transactions, and offer financial advice in the banking and financial services sector.
- Rising Adoption: The market has seen increasing adoption as banks seek to enhance customer service, reduce operational costs, and provide round-the-clock support through automated virtual assistants.
- Conversational AI: IVAs in banking are equipped with conversational AI, allowing them to understand and respond to customer inquiries and requests in natural language, creating a seamless user experience.
- Use Cases: IVAs in banking assist with account inquiries, balance checks, fund transfers, bill payments, loan applications, and even financial planning, providing a wide range of services to customers.
- Cost Reduction: Banks are leveraging IVAs to reduce operational costs by automating routine and repetitive tasks, thereby freeing up human staff to focus on more complex and value-added activities.
- Security and Compliance: Ensuring data security and regulatory compliance is a top priority in the IVA-Based Banking Market, as virtual assistants handle sensitive financial information.
- Personalization: IVAs are increasingly being used to personalize banking experiences, offering tailored financial advice and product recommendations based on the customer’s transaction history and financial goals.
- Market Players: Major industry players include tech companies, such as IBM, Google, and Amazon, as well as specialized fintech companies like Kasisto and Clinc, offering AI-powered virtual assistant solutions to banks.
- Integration: Integration with existing banking systems and platforms is crucial for the successful deployment of IVAs in banking, ensuring a seamless experience for both customers and bank employees.
- Future Prospects: The IVA-Based Banking Market is poised for continued growth as banks strive to enhance customer engagement, streamline processes, and offer personalized services. Advancements in AI and natural language processing will further fuel the adoption of intelligent virtual assistants in the financial sector.
The detailed segments and sub-segment of the market are explained below:
By User Interface
Automatic Speech Recognition
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Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
Market Research Objective:
To assess market size and growth potential:
- The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
- The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
- The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
- The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
- The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
- The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
- The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
- The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
- The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
- The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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