LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) market in BFSI sector is expected to post a CAGR of more than 32% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The proliferation of digital banks and fintech solutions has compelled traditional banks and credit unions to integrate AI and big data analytics to understand customer behavior. In addition, technological advances are increasing customer expectations for personalized services and rewards in the BFSI sector. This is driving financial institutions to augment the power of AI, machine learning, and autonomous technologies to develop IT systems that are capable of self-management, self-repair, and are self-secure across a wide range of functions and services. For instance, in 2018, Metro Bank Plc. deployed AI-based in-app money management tools to deliver personalized advice and spending alerts to its customers. The introduction of such automated services by financial institutions is increasing customer expectations and enabling them to manage their own financials. Therefore, the push toward autonomous banking is crucial in driving the growth of the market.
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As per Technavio, the growing focus on personalized experience will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) Market in BFSI Sector: Growing Focus on Personalized Experience
AI is expanding opportunities for BFSI companies by providing a better understanding of customer requirements and expectations so as to provide personalized services. The integration of AI with predictive analytics helps financial institutions predict the performance of stocks and assets to offer accurate market predictions to their clients. For instance, in March 2018, Orange Bank developed Djingo, a virtual advisor powered by IBM Watson, which answers customer queries in natural language and also offers basic services to improve customer experience. Therefore, the rising focus on offering personalized services in the BFSI industry will have a positive impact on the growth of the market.
“Rise in cloud-based solutions and increasing popularity of open banking will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Artificial Intelligence (AI) Market in BFSI Sector: Segmentation Analysis
This market report segments the global artificial intelligence (AI) market in BFSI Sector by end-users (banking, investment and securities management, and insurance) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to increased investments in AI technologies and the presence of the advanced data center infrastructure to support AI and related services in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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