PUBLISHER: Allied Market Research | PRODUCT CODE: 1140184
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140184
AI in FinTech is used for a wide array of purposes, such as lending decision making, customer support, fraud detection, credit risk assessment, insurance, wealth management, and others. FinTech companies adopt AI for enhanced efficiency, improvised precision levels, and high-speed query resolution. Moreover, AI in FinTech drives innovation, leading to personalized, fast, and secure services with higher customer satisfaction and global reach.
AI in FinTech provides improved customer services, as AI-powered Fintech can minimize the workload placed on financial institutions as they tackle the most typical and frequent user problems. In addition, many AI powered banking apps offer personalized financial advice to help users achieve their financial goals and track their income and expenses. Furthermore, AI in FinTech helps in fraud detection, which is one of the major problems the finance industry faces nowadays. Therefore, these are some of the factors propelling the market growth. However, AI in FinTech solutions are often built to serve the needs of many consumers and not with inclusivity and diversity in mind. AI systems are vulnerable to biases in their treatment of disabled people. In addition, AI in FinTech is highly unregulated. Therefore, these are some major factors limiting the growth of AI in FinTech market. On the contrary, AI is recognized as being more powerful than the traditional data analytics capabilities of financial institutions. Moreover, advances in technology and adoption of artificial intelligence in the banking sector is expected to provide lucrative growth opportunities for the AI in FinTech market in the coming years.
The AI in FinTech market is segmented on the basis of component, deployment mode, application, and region. By component, it is segmented into solution and services. The solution segment is further bifurcated into software tools and platforms. The software tools segment is further divided into data discovery, data quality & data governance, and data visualization. The services segment is further divided into managed services and professional services. By deployment mode, it is bifurcated into on-premises and cloud. Based on application, it is segregated into virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, and others. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the AI in FinTech market, such as Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI in FinTech industry.
Key Benefits For Stakeholders
Key Market Segments
By Component
By Deployment Mode
By Application
By Region