Technological advances have changed customer expectations across the banking and other financial institutions, inclining them towards digital transactions. The growth in internet and smartphone users have increased number of people with access to digital channels for their banking requirements. Global Findex 2017 of The World Bank indicates developing as well as high income economies have shown sharp rise in adoption of digital payments. To ensure that people benefit from digital financial services requires a well-developed payments system, with vigorous consumer protection measures that are essential to be incorporated. Artificial Intelligence has enabled banks and other financial institutions to secure their payment gateways from fraudulent activities. For instance, Microsoft Corporation provides financial institutions with an AI based solution to detect mobile banking frauds. In this solution, incoming mobile activity is analyzed and behavioral evaluation is done for fraud detection followed by preventive actions. Broad spectrum of AI technologies such as machine learning, computer vision, natural language processing and others facilitate different capabilities in streamlining these activities across the banking and finance sector. Natural language processing is used by various banks for customer service and insights gathering to address customer queries. Royal Bank of Scotland uses text analytics, a natural language processing technique, to extract information from various emails, surveys and conversations, analyze this information and identifies root cause behind customer dissatisfaction. Computer vision is another technology under AI umbrella which visualizes and analyzes digital images or videos for decision making. For instance, in 2018 HSBC bank gave their corporate customers access to face scan mobile banking through Apple‘s Face ID. Thus increasing benefits offered by different AI technologies for streamlining processes has further propelled the growth of global AI in banking and finance market.
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The recent outbreak of COVID-19 epidemic has hindered the banking and financed sector due to the shutdown of physical branches of banks and other financial institutions to avoid spread of coronavirus infection. This crisis have pushed people to opt for digital channels of banking. Digital banking channels eliminate the physical contact from banking transactions thus acting as a measure to curb the spread of coronavirus. Time consuming processes done at physical locations of the branches of banks and other financial institutions can be automated by AI technologies through digital banking. Neural networks are helping financial institutions to automate complex processes and enhance decision making capabilities thus lowering costs and improving accuracy and customer experience. Therefore, inflation in digital banking due to COVID-19 is another which is anticipated to drive the growth of global AI in banking and finance market.
The detailed research study provides qualitative and quantitative analysis of AI in banking and finance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The global AI in banking and finance market was valued at US$ 14,159.7 Mn in 2018 and is anticipated to grow at a CAGR of 43.2% over the forecast period.
- Small and medium sized enterprises are anticipated to show highest growth rate over forecast period owing to introduction of affordable and easy to deployable cloud based solutions.
- North America accounted for the highest market share in global AI in banking and finance market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years.
- Some of the players operating in the AI in banking and finance market are 111Dimtech, Abe AI Inc., AlphaSense Inc., Ayasdi AI LLC, Darktrace, DataRobot, Inc., DreamQuark, Feedzai Inc., H2O.ai., Kasisto, Narrative Science, Underwrite.ai., USM, Webtunix AI, Xenonstack and Zest AI amongst others.
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Global AI in Banking and Finance Market:
- By Offerings
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By Technology
- Machine Learning
- Computer Vision
- Natural Language Processing
- By Application
- Risk and Compliance Management
- Customer Engagement and Lead Generation
- Asset and Wealth Management
- Fraud Prevention
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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