Voice banking is a term used for performing banking transactions or professional banking consultations via a remote voice connection. Voice banking is a type of communication between a bank employee and a customer using voice call. In addition, customers may communicate with their bank through voice banking while at home by utilizing a laptop, tablet, or smartphone. It connects a client with a banker or financial counselor via live voice call.
There is an increase in the demand for voice banking service due to personalized services to customers. Personalization in banking is about delivering a valuable service or product to a customer based on personal experiences and historical customer data. In addition, growth in digital banking services and reduction in bank visit by customers are driving the growth of the market. However, regulatory complications of voice banking and security and privacy concerns have emerged as key industry problems. On the contrary, growing usage of Artificial Intelligence in voice banking is projected to remain opportunistic for the voice banking market growth.
The voice banking market is segmented on the basis of component, deployment mode, and application. By component, it is categorized into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By technology, it is classified into machine learning, deep learning, natural language processing and others. By application, it is divided into banks, NBFCs, credit union, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the Voice banking market such as Acapela Group, Axis Bank, BankBuddy, Central 1 Credit Union, DBS Bank, Emirates NBD Bank, HSBC, IndusInd Bank, NatWest Group and U.S. Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the voice banking market share.
There is an increase in the demand for voice banking service due to personalized services to customers. Personalization in banking is about delivering a valuable service or product to a customer based on personal experiences and historical customer data. In addition, growth in digital banking services and reduction in bank visit by customers are driving the growth of the market. However, regulatory complications of voice banking and security and privacy concerns have emerged as key industry problems. On the contrary, growing usage of Artificial Intelligence in voice banking is projected to remain opportunistic for the voice banking market growth.
The voice banking market is segmented on the basis of component, deployment mode, and application. By component, it is categorized into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By technology, it is classified into machine learning, deep learning, natural language processing and others. By application, it is divided into banks, NBFCs, credit union, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the Voice banking market such as Acapela Group, Axis Bank, BankBuddy, Central 1 Credit Union, DBS Bank, Emirates NBD Bank, HSBC, IndusInd Bank, NatWest Group and U.S. Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the voice banking market share.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global voice banking market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global voice banking market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global voice banking market from 2022 to 2031 is provided to determine the market potential.
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Key Market Segments
By Application
- Banks
- NBFCs
- Credit Unions
- Others
By Component
- Solution
- Services
By Deployment Mode
- On-Premise
- Cloud
By Technology
- Machine Learning
- Deep Learning
- Natural Language Processing
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- U.S. Bank
- Axis Bank
- HSBC
- Emirates NBD Bank
- IndusInd Bank
- NatWest Group
- BankBuddy
- Central 1 Credit Union
- DBS Bank
- Acapela Group
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VOICE BANKING MARKET, BY COMPONENT
CHAPTER 5: VOICE BANKING MARKET, BY DEPLOYMENT MODE
CHAPTER 6: VOICE BANKING MARKET, BY TECHNOLOGY
CHAPTER 7: VOICE BANKING MARKET, BY APPLICATION
CHAPTER 8: VOICE BANKING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the voice banking market was valued at $984.58 million in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031.The Voice Banking Market is likely to experience a significant growth rate of 14.5% from 2022-2031 owing to increasing market demand from the banking sector.
Voice banking is the technology powered by AI that allows users to access banking services through their words or voice commands. For example, a customer can either call their bank’s voicebot or talk to the official voice assistant and enquire about their account balance, locate a nearby ATM, block their card, and others.
Key factors driving the growth of the voice banking market include personalized services provided to the customer as per the requirement of the customers. Moreover, the growth of digital banking is anticipated to benefit significantly from the increased incorporation of innovative technologies in voice banking. Furthermore, the COVID-19 pandemic has been the major catalyst in the acceleration of the take-up of digital banking channels. During the health crisis, bank branches closed, forcing people to use alternative methods of banking. Moreover, banks responded to the pandemic by investing further in tech to expand their digital service offering, while cutting costs through branch closures. In addition, resulted in one of the driving factors for voice baking services. However, Privacy and security concerns have emerged as key industry problems due to the extensive flow of customer data. The service providers of voice banking place a high priority on enhancing client data security against theft, data breaches, and other cyber risks as well as on assuring the secure administration and privacy of customer data. Moreover, regulators and supervisors need to preserve the integrity of the financial system ensuring proper conduct by market participants. In addition, the speed of real-time payment systems, the immediate availability of funds and the anonymity may attract illegal economic transactions to real-time payment systems. Therefore, this is one of the major factors that hampers the growth of voice banking market.
The market also offers growth opportunities to the key players in the market. Artificial Intelligence enables banks to manage record-level high-speed data to receive valuable insights. Moreover, features such as digital payments, AI bots, and biometric fraud detection systems further lead to high-quality services for a broader customer base. Moreover, Artificial Intelligence comprises a broad set of technologies, including, but are not limited to, machine learning, natural language processing, expert systems, vision, speech, planning, and robotics. In addition, the AI in voice banking fundamentally reshapes the customer experience. The main premise of voice banking is to provide banking around the clock, as well as to help customer support staff focus on more complex tasks. These factors are projected to provide major lucrative opportunities in the growth of the market.
The voice banking service market is segmented on the basis of component, deployment mode, and application. By component, it is categorized into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By technology, it is classified into machine learning, deep learning, natural language processing and others. By application, it is divided into banks, NBFCs, credit union, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include Acapela Group, Axis Bank, BankBuddy, Central 1 Credit Union, DBS Bank, Emirates NBD Bank, HSBC, IndusInd Bank, NatWest Group and U.S. Bank. The players in the market have been actively engaged in the adoption various strategies such as product launch and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in April 2022, U.S. Bank launched Asistente Inteligente de U.S. Bank, a Spanish-language version of the best-in-class Smart Assistant in the U.S. Bank Mobile App.
Key Market Insights
By component, the solution segment was the highest revenue contributor to the market, and is estimated to reach $2.43 billion by 2031, with a CAGR of 13.2%. However, the services segment is estimated to be the fastest growing segment with the CAGR of 17.6% during the forecast period.By deployment mode, the on-premise segment dominated the global market, and is estimated to reach $1.98 billion by 2031, with a CAGR of 13.1%. However, the cloud segment is expected to be the fastest growing segment during the Voice Banking Market Forecast.
Based on technology, the natural language processing segment was the highest revenue contributor to the market, with $549.61 million in 2021, and is estimated to reach $1.71 billion by 2031, with a CAGR of 12.4%.
By application, the banks segment dominated the global market, and is estimated to reach $1.61 billion by 2031, with a CAGR of 12.0%. However, the NBFCs segment is expected to be the fastest growing segment during the Voice Banking Market Forecast.
Based on region, North America was the highest revenue contributor, accounting for $370.89 million in 2021, and is estimated to reach $902.41 million by 2031, with a CAGR of 9.6%.
Companies Mentioned
- U.S. Bank
- Axis Bank
- HSBC
- Emirates Nbd Bank
- Indusind Bank
- Natwest Group
- Bankbuddy
- Central 1 Credit Union
- Dbs Bank
- Acapela Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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