Generative Artificial Intelligence (AI) in banking and finance refers to the application of advanced AI models, including generative adversarial networks (GANs) and large language models (LLMs), to create, analyze, and optimize financial data, reports, simulations, and customer interactions.
The generative artificial intelligence (AI) in banking and finance market consists of sales by entities (organizations, sole traders and partnerships) of generative artificial intelligence (AI) in banking and finance products and services that represents a transformative shift in the financial sector by leveraging AI to enhance fraud detection, risk assessment, personalized financial services, and automated decision-making. Generative AI in banking and finance is utilized by financial institutions, including banks, investment firms, insurance companies, and fintech startups, as well as regulatory bodies and financial analysts.
The global generative artificial intelligence (AI) in banking and finance market was valued at $608.19 million in 2019 which grew till 2024.
Increasing Focus On Data Security
The increasing focus on data security supported the growth of the generative artificial intelligence (AI) in banking and finance market during the historic period. Generative AI enables financial institutions to create synthetic banking data that replicates real patterns without compromising customer privacy. This allows for secure trend analysis and model training while mitigating data privacy risks. Additionally, AI-powered solutions enhance security through biometrics, deepfake detection, and multi-factor authentication (MFA). AI also strengthens KYC (Know Your Customer) processes by verifying documents and identifying fraudulent activities. For instance, in March 2022, according to the 2021 Internet crime report published by the Federal Bureau of Investigation, a US-based law enforcement agency, the number of victims of personal data breaches was 51,829 in 2021. Additionally, in March 2023, according to the Federal Bureau of Investigation, a law enforcement agency, the number of victims of personal data breaches was 58,859. Therefore the increasing focus on data security drove the growth of the generative artificial intelligence (AI) in banking and finance market.
Transforming Financial Documentation with Generative AI
Companies operating in the generative artificial intelligence (AI) in banking and finance market are focusing on developing innovative research arms to drive advancements in AI-powered financial solutions. These research divisions aim to enhance fraud detection, risk management, customer service automation, and personalized financial insights using cutting-edge AI models. For instance, in January 2025, Arteria AI , a Canada-based technology company specializing in AI-driven contract lifecycle management solutions for financial institutions launched Arteria Cafe, to advance generative and agentic AI for financial services documentation. The cafe will focus on developing Agentic Knowledge Systems, leveraging large language models (LLMs) to enhance complex documentation processes. The goal is to build a system that seamlessly manages both structured and unstructured data, enabling automated report generation, intelligent recommendations, and negotiation support.
The global generative artificial intelligence (AI) in banking and finance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 16.45% of the total market in 2023.
Generative Artificial Intelligence (AI) In Banking And Finance Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global generative artificial intelligence (AI) in banking and finance market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for generative artificial intelligence (AI) in banking and finance? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The generative artificial intelligence (AI) in banking and finance market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider generative artificial intelligence (AI) in banking and finance market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by technology, by deployment model, by application and by end-user banks.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the generative artificial intelligence (AI) in banking and finance market.
- Growth Analysis And Strategic Analysis Framework Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by technology, by deployment model, by application and by end-user banks in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for generative artificial intelligence (AI) in banking and finance providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Technology: Natural Language Processing; Deep Learning; Reinforcement Learning; Generative Adversarial Networks; Computer Vision; Predictive Analytics
- 2) By Deployment Model: On-Premises; Cloud-Based
- 3) By Application: Fraud Detection; Customer Service; Risk Assessment; Compliance; Trading And Portfolio Management; Other Applications
- 4) By End User: Banks; Insurance Company; Investment Firm; Fintech Company; Other End Users
- Companies Mentioned: Microsoft Corporation; Google LLC; International Business Machines Corporation; Amazon.com Inc.; Oracle Corp.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; generative artificial intelligence (AI) in banking and finance indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.