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The Latin America, Middle East and Africa Intelligent Virtual Assistant (IVA) Based Banking Market would witness market growth of 26.8% CAGR during the forecast period (2022-2028).
Customers who require assistance want it delivered as quickly as possible. They don't want to go through a seemingly never-ending phone tree or communicate with chatbots that have few options. Intelligent virtual assistants offer a human-like experience that can assist clients in finding a solution quickly. When they have to wait for help or can't get the right help, they grow frustrated. These technologies frequently assist customers to solve their problems or quickly connect their calls to the right people.
Every additional second a business may save from a typical customer support call results in financial savings and satisfied clients. The use of an intelligent virtual agent eliminates the need for live agents to handle everyday problems. To improve the engagement, it can also gather crucial consumer data, such as an account number, a unique identifier, or a brief description of their issue. The agent may now serve the consumer without having to waste time asking for this information.
Intelligent virtual assistants don't need to sleep or take breaks. At any hour of the day, they can serve customers. This is crucial for American-based businesses that wish to maintain extended hours or bigger e-commerce platforms like Amazon but do not want call center activities to relocate overseas. IVAs can address typical problems or gather client data for follow-up contact from a live agent throughout more conventional office hours.
The U.A.E. Central Bank, which was formed in 1980, oversees the country's thriving domestic banking industry. Following the state's overarching policy, the Central Bank sets monetary, credit, and banking policy and oversees its implementation in a way that supports the national economy and currency stability. It keeps track of the gold and foreign currency holdings of the UAE government serves as the bank for local banks and represents the UAE government's financial interests at international financial organizations.
The Brazil market dominated the LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $72.7 million by 2028. The Argentina market is experiencing a CAGR of 27.4% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 26.4% during (2022 - 2028).
Based on Product, the market is segmented into Chatbots and Smart Speakers. Based on User Interface, the market is segmented into Text-to-Text, Text-to-Speech, and Automatic Speech Recognition. The report also covers geographical segmentation of Intelligent Virtual Assistant (IVA) Based Banking market. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), Amazon.com, Inc., IBM Corporation, Oracle Corporation, Verint Systems, Inc., Artificial Solutions International AB, CSS Corp., eGain Corporation, and True Image Interactive, Inc.
By User Interface
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