Market Research Report
AI in BFSI Market Research Report: By Offering, Technology, End-User, Regional Insight and Industry Size Analysis and Growth Forecast to 2024
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||911261|
|Published||Content info||171 Pages
Delivery time: 2-3 business days
|AI in BFSI Market Research Report: By Offering, Technology, End-User, Regional Insight and Industry Size Analysis and Growth Forecast to 2024|
|Published: July 1, 2019||Content info: 171 Pages||
The inclusion of chatbots for enhancing customer engagement, rising digital disruptions across the globe, and improving risk management are the drivers of the artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market. Registering a 37.2% CAGR during the forecast period (2019-2024), the market is expected to reach $20,017.9 million by 2024, from $3,091.9 million in 2018. AI is the mimicking of human intelligence by machines, especially computer systems, to perform tasks, such as learning the information, reasoning to reach conclusions, and self-correction.
The use of AI to counter fraudulent activities is trending in the AI in BFSI market. As frauds are common and difficult to track in the BFSI industry, advanced data analytics is being deployed to improve compliance and keep track of transactions. The technology has enabled the use of digital payment advisers, AI bots, and biometric fraud-detection mechanism in achieving a wider customer base and higher quality service, and at the same time reducing operational costs and increasing market revenue. This way, it helps banks identify frauds and prevent money laundering.
The inclusion of chatbots for engaging customers is driving the AI in BFSI market. Technical advancements have resulted in reduced personal contact with customers, which has raised the need for customer retention among many BFSI companies across the world. Banks are extensively using AI to build a customer-centric culture using machine learning, cognitive technologies, and natural language processing. For instance, the Bank of America developed a chatbot, Erica, in 2018, which is an AI-powered tool that helps clients by providing financial guidance via text and voice messages.