Market Size – USD 344.2 Million in 2020, Market Growth – at a CAGR of 36.8%, Market Trends – Growth in digitalization in financial industry and growth in use of technology to analyse bulk complex data propels the Market
The global recommendation engine for financial services market has registered US$ 344.2 million in 2020, and projected to reach at US$ 4073.5 million by 2028, according to recent study done by Eternity Insights. The recommendation engine algorithms capture the past behavior and product searches of the customer or analyze the customers personal information and will recommend financial products based on similar likes from other peers who would have approximate same likes or personal demographic history.
One of the key benefits of the Recommendation engine is increased user satisfaction. It allows users to reduce its customers’ path to a sale by recommending them an appropriate option sometimes even before they search for it. Moreover, interactive and responsive websites with features such as Chabot's help users to communicate more and allow users to spend more time on the system since there is no human intervention and users can ask any type of questions freely. Thus, customers tend to spend more time on websites which increases the familiarity with the brand and financial website, thereby increasing the probability to make future purchases. Moreover, apart from this, a recommendation system also helps in re-engaging the customers., The automated powered emails can offer discounts or coupons and re-engage customers which further increases customer probability of conversion.
To get leading market solutions, visit the link below: https://www.eternityinsights.com/report/recommendation-engine-for-financial-services-market
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