Global Generative AI in Banking Market: 2024-2030

PUBLISHED: January 23, 2024

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Description

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

Overview

Our “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. Collectively, they provide a critical tool for understanding this rapidly emerging market; allowing banks and technology vendors to shape their future strategy.

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.

Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 15 generative AI in banking vendors, via the Juniper Research Competitor Leaderboard:
- Amazon
- Amdocs
- Cognizant
- Coveo
- Dataiku
- Edgeverve
- Fujitsu
- Genpact
- Google
- IBM
- Microsoft
- Mostly AI
- OpenAI
- Oracle
- Temenos

Market Data & Forecasts

The market-leading research suite for the GenAI market includes access to the full set of forecast data of 30 tables and over 17,000 datapoints. Metrics in the research suite include:

Total number of banks deploying GenAI
Total spend by banks on GenAI systems
Total savings attributable to banks from GenAI deployments

These metrics are provided for the following generative AI use cases:

Customer service
Portfolio management
Back-office applications

Juniper Research's Interactive Forecast Excel contains the following functionality:

Statistics Analysis: Users benefit from the ability to search for specific metrics, displayed for all regions and countries across the data period. Graphs are easily modified and can be exported to the clipboard.

Country Data Tool: This tool lets users look at metrics for all regions and countries in the forecast period. Users can refine the metrics displayed via a search bar.

Country Comparison Tool: Users can select countries and compare each of them against other specific countries. The ability to export graphs is included in this tool.

What-if Analysis: Here, users can compare forecast metrics against their own assumptions, via four interactive scenarios.

SAMPLE VIEW

Market Trends & Forecasts PDF Report

A comprehensive analysis of the current market landscape, alongside strategic recommendations and a walk-through of the forecasts.

1. Key Takeaways & Strategic Recommendations

1.1. Key Takeaways
1.2. Strategic Recommendations

2. Market Landscape

2.1. Introduction
2.2. Definitions and Scope
2.3. The Banking Market
2.4. Generative AI Landscape
- Figure 2.1: Overview of LLM Capabilities
- Figure 2.2: Share of S&P 500 Companies Mentioning AI in Earnings Calls, 2010-Q2 2023
- Figure 2.3: Generative AI Value Chain
2.5. Key Trends & Drivers

3. Use Cases & Challenges

3.1. Use Cases and Challenges
- 3.1.1. Customer Acquisition
- 3.1.2. Customer Onboarding
- 3.1.3. Chat and Voice Bots
- 3.1.4. Personalised Marketing Campaigns
- 3.1.5. Spending Insights
- 3.1.6. Dynamic Pricing
- 3.1.7. Negotiation Engines
- 3.1.8. Transaction Processing
- 3.1.9. Servicing
- 3.1.10. Asynchronous Servicing
- 3.1.11. Knowledge and Data Management
- 3.1.12. Investment Advice and Financial Forecasting
- 3.1.13. Portfolio Management
- 3.1.14. Risk Management and Collections
- 3.1.15. Fraud Detection
- 3.1.16. Regulatory Monitoring and Compliance

4. Generative AI in Banking Competitor Leaderboard

4.1. Why Read This Report?
- Table 4.1: Juniper Research Competitor Leaderboard: Generative AI in Banking Vendors Included & Product Portfolio
- Figure 4.2: Juniper Research Competitor Leaderboard for Generative AI in Banking
- Table 4.3: Juniper Research Competitor Leaderboard: Generative AI in Banking Platform Vendors & Positioning
- Table 4.4: Juniper Research Competitive Leaderboard Heatmap: Generative AI in Banking Platform Vendors
4.2. Vendor Profiles
- 4.2.1. Amazon
  - i. Corporate
    - Table 4.5: Amazon's Financial Performance (USD $bn), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.2. Amdocs
  - i. Corporate
    - Table 4.6: Amdocs' Financial Performance (USD $m), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 4.7: Gen AI Assistant in amAIz Framework
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.3. Cognizant
  - i. Corporate
    - Table 4.8: Cognizant's Financial Performance (USD $bn), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.4. Coveo
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.5. Dataiku
  - i. Corporate
    - Table 4.9: Dataiku's Funding Rounds, 2014-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 4.10: Dataiku LLM Mesh Overview
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.6. EdgeVerve
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.7. Fujitsu
  - i. Corporate
    - Table 4.11: Fujitsu's Financial Performance (USD $bn), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 4.12: Fujitsu's Kozuchi AI Platform Overview
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.8. Genpact
  - i. Corporate
    - Table 4.13: Genpact's Financial Performance (USD $bn), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 4.14: Cora LiveWealth Solution Overview
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.9. Google
  - i. Corporate
    - Table 4.15: Google's Financial Performance (USD $bn), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 4.16: Generative AI Workflow in Google Vertex AI
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.10. IBM
  - i. Corporate
    - Table 4.17: IBM's Financial Performance (USD $bn), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research Strategic Recommendations and Key Opportunities
- 4.2.11. Microsoft
  - i. Corporate
    - Table 4.18: Microsoft's Financial Performance (USD $bn), 2020-2023
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
    - Figure 4.19: Microsoft Copilot Commercial Solutions Overview
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.12. Mostly AI
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.13. OpenAI
  - i. Corporate
    - Table 4.20: OpenAI's Funding Rounds, 2016-2023
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.14. Oracle
  - i. Corporate
    - Table 4.21: Oracle's Financial Performance (USD $bn), 2020-2023
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
- 4.2.15. Temenos
  - i. Corporate
    - Table 4.22: Temenos' Financial Performance (USD $m), 2019-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Strategic Recommendations & Key Development Opportunities
4.3. Juniper Research Competitor Leaderboard Assessment Methodology
4.4. Limitations & Interpretation
- Table 4.23: Juniper Research Competitor Leaderboard Scoring Criteria - Generative AI in Banking Platforms

5. Generative AI in Banking Market Forecasts

5.1. Forecast Introduction
- 5.1.1. Methodology & Assumptions
  - Figure 5.1: Generative AI within Banking Forecast Methodology
5.2. Generative AI in Banking Forecasts
- 5.2.1. Generative AI Spend
  - Figure & Table 5.2: Total Bank Spend on Generative AI Deployments ($m), Split by 8 Key Regions, 2023-2030
  - Table 5.3: Total Bank Spend on Generative AI Deployments ($m), Split by Use Case, 2023-2030
- 5.2.2. Savings from Generative AI Deployment
  - Figure & Table 5.4: Total Bank Savings from Generative AI Deployments ($m), Split by 8 Key Regions, 2023-2030
  - Table 5.5: Total Bank Savings from Generative AI Deployments ($m), Split by Case, 2023-2030