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.
To Request a Sample of our Report on Global AI in BFSI Market: https://www.omrglobal.com/request-sample/ai-in-bfsi-market
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.
(Get 15% Discount on Buying this Report)
A full Report of Global AI in BFSI Market is Available at: https://www.omrglobal.com/industry-reports/ai-in-bfsi-market
Global AI in BFSI Market- Segmentation
By Component
- Hardware
- Software & Services
By Application
- Chatbots
- Fraud Detection & Prevention
- Anti-Money Laundering
- Customer Relationship Management
- Others
Global AI in BFSI Market– Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of The World
- Latin America
- Middle East & Africa
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.
Reasons to Buy from us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/ai-in-bfsi-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
For More Information, Visit Orion Market Research
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 7803040404
