Global Generative AI in Banking Market Report 2024: Total Spend by Banks on Generative AI Set to Grow from $5.6 Billion in 2024, to $85.7 Billion by 2030 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Generative AI in Banking Market: 2024-2030" report has been added to ResearchAndMarkets.com's offering.

The Generative AI in Banking research suite provides in-depth analysis and evaluation of how banks and other financial institutions are reinventing their products, how their business models operate and how they serve their customers, by leveraging the latest developments within GenAI and artificial intelligence.

It includes analysis of 16 key use cases of GenAI within banking, such as for compliance, customer services, and other key financial services capabilities, providing a highly valuable resource for stakeholders navigating this emerging sector.

The suite includes both a data deliverable, sizing the market and providing key forecast data across 60 countries and several different segments, as well as a Market Trends & Strategies document, which gives a complete assessment of the key trends, challenges and recommendations for stakeholders. It provides a critical tool for understanding this rapidly emerging market; allowing banks and technology vendors to shape their future strategy.

Key Statistics

• $5.6 billion - Total spend by banks on generative AI in 2024
• $85.7 billion - Total spend by banks on generative AI in 2030
• 1,430% - 2024 to 2030 market growth
• 2024-2030 - Forecast period

Key Features

Market Dynamics: Insights into key trends and challenges of the expanding use of generative AI within the banking market. It also examines the ramifications and potential risks of banks and financial institutions using more artificial intelligence and machine learning solutions in their operations, which will fundamentally change their business models.

The study includes a detailed analysis of 16 separate use cases for GenAI within banking; identifying the solutions that will drive efficiency and create transformation within the highly complex banking space, such as enhancing compliance processes, improving the customer experience and reducing cost.

The list includes the following:

• Asynchronous Servicing
• Chat and Voice Bots
• Customer Acquisition
• Customer Onboarding
• Dynamic Pricing
• Fraud Detection
• Investment Advice and Financial Forecasting
• Knowledge and Data Management
• Negotiation Engines
• Personalised Marketing Campaigns
• Portfolio Management
• Regulatory Monitoring and Compliance
• Risk Management and Collections
• Servicing
• Spending Insights
• Transaction Processing

Key Takeaways & Strategic Recommendations: In-depth analysis of key development opportunities and findings within the generative AI in banking market, accompanied by key strategic recommendations for stakeholders.

Benchmark Industry Forecasts: The forecasts include the total number of banks deploying generative AI, their total spend on generative AI solutions, and the savings attributable for banks from generative AI deployments. These metrics are split by 3 key use cases: customer service, portfolio management and back-office applications.

Competitor Leaderboard:

Key player capability and capacity assessment for 15 generative AI in banking vendors, via the Competitor Leaderboard:

• Amazon
• Amdocs
• Cognizant
• Coveo
• Dataiku
• Edgeverve
• Fujitsu
• Genpact
• Google
• IBM
• Microsoft
• Mostly AI
• OpenAI
• Oracle
• Temenos

Research Deliverables

• Market Trends & Forecasts PDF Report - A comprehensive analysis of the current market landscape, alongside strategic recommendations and a walk-through of the forecasts.
• Interactive Forecast Excel - Full 5-year forecasts for every available market metric provided in Excel format, with interactive 'What If' and scenario tools.
• Online Data Platform - Access the very latest data in an exclusive online data platform, harvest. All the data from Excel, with frequent updates and a more user-friendly interface.

For more information about this report visit https://www.researchandmarkets.com/r/y3s0w

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