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IBS Intelligence & Credence Analytics points to chatbots as the future of the banking industry
Venue: Mumbai
IBS Intelligence & Credence Analytics points to chatbots as the future of the banking industry

Mumbai, July 30, 2018 – Credence Analytics has released a new whitepaper, in collaboration with IBS Intelligence (IBSI), based around the effectiveness of chat-based robo advisors.

The paper charts the rise and rise of this latest technology innovation and the place it could take in a modern banking technology infrastructure.

As a market valued at $300 Bn in 2016 and predicted to reach $2.2 Tn by 2020, robo-advisors are all set to grow. There are multiple drivers behind the stellar 64.5% CAGR, including rise in HNWI assets, the need for speed and concurrence and a lowering in the cost of advice.

“Rapid advancements in AI have made the robo-advisors very robust, both in terms of managing money and interacting with customers. The robo-advisors’ algorithms are constantly improving, in order to lower risks and achieve better returns. On the other hand, Natural Language Processing, or NLP, helps bots understand context from a conversation, even when standard keywords are not used. This has been the strongest growth driver, leading to commoditization of chatbots across industries.”

To read the whitepaper, click here.

About IBS Intelligence

IBS Intelligence is a fintech publication firm globally recognized for its independent analysis & research with world’s largest coverage of over 250+ fintech suppliers, as well as 300+ clients that includes top banks, consulting and financial technology firms across 40+ countries.

About Credence Analytics

Credence Analytics is an International software solution provider for over 25 years having marquee clients across Asia, Middle East & African markets. In its home market i.e. India, its clients comprises of leading Banks & Institutions like Reliance Nippon Asset Management (One of the Largest Asset Management Companies of Indian subcontinent), State Bank of India (Largest Bank in India), ICICI Bank (Largest Non-Government owned bank in India), SBI Life Insurance (Second largest life insurance company in India) and SBI Associate Banks (Largest Banking Group in India). Globally Credence Analytics has presence in South East Asia, Middle East, and African Countries with clients in Nigeria, Vietnam, Oman, UAE, Sri Lanka and Philippines. The strength of Credence Analytics is its strong domain expertise in the areas of Treasury, Investment Management and Risk Management. The Firm Strongly believes that its role goes beyond providing software solution by actively implementing the solution and advising the customer on how to use the software to the fullest extent.

For more information contact:

Akash Anand | Chief Marketing & Sales Officer
Credence Analytics (I) Private Limited
marketing@credenceanalytics.com

Disclaimer:

Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", "expect", "believe", and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of our principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. Credence Analytics undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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