AI deployment is witnessing a surge in demand due to change in customer expectation during and after the COVID-19 pandemic.
The latest study conducted by Emergen Research, titled ‘Artificial Intelligence in BFSI market AI deployment is witnessing a surge in demand due to change in customer expectation during and after the COVID-19 pandemic. The report delineates the pivotal aspects of this market, shedding light on the most prominent market growth possibilities and challenges.
AI is finding several applications in back-office operations. Robotic process automation is helping in automating repetitive, rule-based tasks, which streamline meticulous and tiresome tasks, and avoid errors.
The report elaborates on various national and international business development prospects and explains the competitive landscape of the global Artificial Intelligence in BFSI market. The market size estimation and forecasts have been detailed in this report.
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AI helps financial institutions to optimize salary budget by eliminating the need to hire new employees for repetitive tasks, which in turn is fueling market growth.
The global health crisis has led to dramatic changes in the market, significantly disrupting the Artificial Intelligence in BFSI industry. It has subsequently affected the industry’s supply chains and made prices of and the demand for the product highly volatile.
However, market experts believe that the global Artificial Intelligence in BFSI market will regain traction in the post-COVID era. The report further delivers preliminary and future COVID-19 impact assessments of the Artificial Intelligence in BFSI market.
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The global Artificial Intelligence in BFSI market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In this section, authors of the report have studied the presence of the global Artificial Intelligence in BFSI market across major geographies.
North America accounted for the largest revenue share in 2020 due to technological advancement and high investment in AI. Commercial banks in the region are focusing on improving customer services and increasing revenue.
Some Key Highlights From the Report
- Fraud detection & prevention units in BFSI companies are using Artificial Intelligence to eliminate such activities. Big data is characterized by volume & value and by capturing and processing this in real-time, and Natural Language Processing (NLP) algorithms can detect inconsistencies and discrepancies and ensure fraud prevention.
- Machine learning provides banking companies the opportunity to enhance their business by improving performance and efficiency of BFSI activities. Machine learning attempts to study, identify and classify patterns and make decisions from data collected over time. Machine learning can be used to produce accurate and rapid results, which will drive demand among BFSIs.
- Artificial Intelligence is proving to be a major game changer in risk management. Financial institutions are prone to risk due to the type of sensitive information they handle on daily basis. AI streamlines management of those risks in a growing competitive industry and new algorithms are being developed to completely automate the risk management process.
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Emergen Research has segmented the global Artificial Intelligence in BFSI market on the basis of offering, solution, technology, application, and region:
- Technology Outlook (Revenue, USD Million; 2018–2028)
- Machine Learning
- Context Aware Processing
- Natural Language Processing (NLP)
- Deep Learning
- Application Outlook (Revenue, USD Million; 2018–2028)
- Risk Management
- Financial Advisory
- Compliance & Security
- Back Office / Operation Customer Service
- Solution Outlook (Revenue, USD Million; 2018–2028)
- Fraud Detection & Prevention
- Customer Relationship Management
- Anti-money Laundering
- Data Analytics & Prediction
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