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The Global Chatbot Market in BFSI was valued at USD 586 million in 2019, and is expected to reach USD 6.83 billion by 2030 at a CAGR of 24.9% during the forecast period from 2020 to 2030.
A chatbot is a software application used to simulate online conversation using text or text-to-speech. Chatbot establishes communication between the company or an organization and their consumers to provide customer support, important information, query resolution, or a brief essence of the organization.
The requirement for chatbots is rising in the BFSI sector, as face-to-face interactions are not feasible all the time. According to Chatbots Magazine, organizations can decrease the cost for traditional customer services by nearly 30%, with the adoption of conversational solutions such as chatbots and virtual agents.