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Chatbots are becoming increasingly important in banking as they provide customer service without the need for a customer service agent. The global chatbot based banking market is segmented on the basis of component, deployment model, application, enterprise size and region. Banks will need to place a greater emphasis on digital security to protect sensitive data, leading to a surge in demand for chatbot based banking services. Rise in need for 24*7 customer support at a lower operational cost is driving the growth of the chatbot based banking market.