The global AI in the BFSI market is estimated to grow significantly, at a CAGR of 34.3%, during the forecast period. Considered as the next big thing, AI is making way across the banking value chain. The applications of AI in banking involve developing proactive risk management systems and achieving productivity gains. 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.
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Major BFSI applications for the adoption of AI include productivity gains, customer recommendation, personalization, and fraud detection and compliance. AI generates consumer insights that are useful in personalized communication, offers and services, and advice. With AI-powered automation, labor-intensive work such as documentation, compliance reporting, and new customer onboarding communications can become highly efficient and accurate. Implementing AI in the financial sector is still a treacherous terrain as it poses a lot many risks to the industry until rules and regulations are imposed on data breaching. In May 2016, the Monetary Authority of Singapore (MAS) ordered a shutdown to BSI Bank Singapore. This serious action is due to their compliance oversight in money laundering which resulted in a criminal case. Though AI technology might be revolutionary in every sector; however, without proper data to make them work is almost impossible. The user needs to feed a large set of data for the deployment of AI technology in the finance sector.
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Market Segmentation
• Global AI in BFSI Market by Component
• Hardware
• Software & Services
• Global AI in BFSI Market by Application
• Chatbots
• Fraud Detection & Prevention
• Anti-Money Laundering
• Customer Relationship Management
• Others (Data Analytics & Prediction)
Regional Analysis
• North America
• United States
• Canada
• Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Rest of Asia-Pacific
• Rest of the World
Company Profiles
• Avaamo, Inc.
• Creamfinance
• Descartes Labs, Inc.
• Digital Reasoning Systems, Inc.
• Google LLC
• IBM Corp.
• Inbenta Technologies Inc.
• Intel Corp.
• Interactions LLC
• IPsoft Inc.
• Kensho Technologies, LLC
• Lexalytics, Inc.
• Microsoft Corp.
• Next IT Corp.
• Oliver Wyman
• OpenText Corp.
• Oracle Corp.
• Palantir Technologies Inc.
• ZestFinance, Inc.
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