The global AI in the BFSI market is estimated to grow significantly, at a CAGR of 34.3%, during the forecast period. The applications of AI in banking involve developing proactive risk management systems and achieving productivity gains. Regardless of the nascent stage of AI adoption, the profits have already been realized at numerous large-scale banks over the globe. Several banks have reported that investments in AI reduced their production costs and increased revenues significantly. The integration of AI in the BFSI sector can deliver efficient results, specifically for customer service. The benefits it is providing in the BFSI sector are expected to stimulate the growth of the global AI in the BFSI market in the years to come.
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Chatbots have been incorporated into websites to provide immediate service to customers. AI applied to personal finance applications, such as Mint or Turbo Tax, is upending financial institutions. Applications such as these could collect personal data and provide financial advice. With AI-powered automation Some of the major BFSI companies that have incorporated AI-
- J.P. Morgan Chase has deployed ML-based technique, majorly for card fraud and targeted customer offers.
- DBS Bank has incorporated natural language processing (NLP) for reviewing customer chat logs to enhance the quality of customer interaction.
- HSBC has deployed AI virtual assistance technology for helping business customers to navigate product details.
- Santander has installed bank speech recognition technology in its infrastructure for securing app-based transactions.
- Goldman Sachs uses ML in its “AppBank” to automate corporate system management.
- CapOne has deployed an ML-based solution for personalized coupons/alerts and payment spend analytics.
The banking sector leads the way in the incorporation of new emerging technologies and innovations. The volume of data generated in the bank is quite large. In the last few years, the data generation has increased significantly to trillions of gigabytes. Numerous global financial institutions have incorporated AI to enhance product/service personalization and customer engagement. During the last decade, a large number of banks have spent strong on digitization drives, which have caused an upsurge in the adoption of AI. Machine learning algorithms are being integrated into analytics and customer relationship management platforms to uncover information on how to better serve customers in the BFSI sector, which in turn, is rising the growth rate of the global AI in the BFSI market.
In the near future, AI is expected to empower banks by completely automating its knowledge workforce and making the intelligent process of automation that can be able to handle cyber risks and competition from the fintech players. The technology is also expected to evolve with the introduction of more enhanced and improved technology and its novel applications in the BFSI sector. AI will leverage machine and human capabilities optimally to deliver personalized services and drive operational and cost efficiencies. These impressive benefits are expected to become a part of AI technology in the BFSI sector in the coming decades.
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Global AI in BFSI Market- Segmentation
By Component
- Hardware
- Software & Services
By Application
- Chatbots
- Fraud Detection & Prevention
- Anti-Money Laundering
- Customer Relationship Management
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
