Chatbot Market Trends

Growth Drivers

• Automation of Accounting Process by Using AI Chatbots - There are many ways to facilitate online transactions, including UPI processing, ScanPay technology, net banking, and dedicated mobile applications. However, that number is very different today than it was a year ago. A lot has changed in recent years. This can be mainly explained by the fact that modern consumers want a seamless trading experience. User preference for digital payments will only increase as digitalization facilitates quick connections. Regardless of how a user uses their smartphone or card, digital payments have many additional benefits, such as smoother bill processing and easier product purchases. The development of digital payment solutions such as AI chatbots will further streamline the payment process and make it even more convenient.

• Adoption of Sentiment Analysis and Chatbot for Insightful Consumer Data - Chatbot services can incorporate sentiment analysis technology to respond more effectively to consumers and improve their experience. By examining the polarity of sentences, companies can assess consumer satisfaction with their services and the effectiveness of their methods.. Sentiment analysis techniques can be successfully integrated into chatbots in any industry that interacts with customers, including finance, healthcare, insurance, real estate, and retail.

Challenges

• Risk of Harming People - In markets for consumer financial products and services, chatbots have the potential to cause significant damage both in terms of loss of customer confidence as well as on account of their failure. There are serious consequences to making a mistake when someone's financial security is at stake. The ability to detect and manage consumer disputes, which is often the only feasible way of quickly correcting mistakes before they get out of hand, constitutes an important element.

• Risk of Violating Federal Laws Associated with Consumer Finance is Expected to Hamper the Market Growth in the Forecast Period

• Limited Capabilities of Chatbot are Set to Restrict the Market Growth in the Upcoming Period