PUBLISHER: The Business Research Company | PRODUCT CODE: 1733580
PUBLISHER: The Business Research Company | PRODUCT CODE: 1733580
Generative artificial intelligence (AI) in financial services refers to the use of AI models that generate new data, insights and automation solutions to enhance financial operations. This market includes revenues generated by entities (organizations, sole traders and partnerships) that develop and provide AI-driven tools, platforms and services designed to optimize decision-making, risk assessment and customer interactions within the financial sector.
The generative artificial intelligence (AI) in financial services market consists of sales by entities of generative artificial intelligence (AI) in financial services that leverages deep learning models, natural language processing (NLP) and predictive analytics to automate processes, detect fraud, improve credit evaluations and generate financial forecasts.
The global generative artificial intelligence (AI) in financial services market was valued at $425.25 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 27.00%.
Huge Technological Breakthroughs Achieved In Artificial Intelligence (AI)
During the historic period, huge technological breakthroughs achieved in artificial intelligence (AI) are supported the growth of generative artificial intelligence (AI) in the financial services market. Advancements in natural language processing (NLP) have enabled AI models to generate human-like text, improving financial document processing, regulatory reporting, and customer communication. AI-powered chatbots and virtual assistants now offer personalized banking services, streamlining operations and reducing manual workload. For instance, in August 2024, JPMorgan Chase, a US-based financial institution, has introduced an AI-powered coding assistant as part of its "LLM Suite" to boost software engineer productivity by up to 20%. Developed with OpenAI, this generative AI tool helps automate coding, summarize documents, and generate ideas. With a $17 billion technology budget in 2024 and a global tech team of 63,000 employees (a third in India), the bank is focusing on AI and data-driven projects. JPMorgan already has 450+ AI use cases in place, aiming to expand to 1,000, which could add $1-1.5 billion in annual value. Therefore, the huge technological breakthroughs achieved in artificial intelligence (AI) the growth of artificial intelligence (AI) in the financial services market.
Leveraging Generative AI For Smarter Risk Management And Decision-Making
Major companies operating in the generative artificial intelligence (AI) in the financial services market are focusing on leveraging generative AI for smarter risk management and decision-making. These tools are designed with security-first principles, ensuring customer interactions remain private and secure to provide real-time insights to ensure regulatory reporting accuracy and fraud prevention. For instance, in October 2024, Infosys Finacle, an India-based provider of digital banking solutions unveiled the Finacle Data and AI Suite. This comprehensive platform is designed to accelerate AI adoption in banking by offering a data platform, an AI platform and generative AI tools. These tools enable banks to develop low-code, predictive and generative AI solutions, powered by Microsoft Azure, the cloud computing platform developed by Microsoft, an American multinational technology conglomerate, and Azure OpenAI, a powerful artificial intelligence service that allows users to create and deploy AI models within the Microsoft Azure platform. The suite aims to enhance customer experiences by optimizing data usage. This launch is a key initiative under Infosys's Topaz program, which emphasizes AI ethics and compliance.
The global generative artificial intelligence (AI) in financial services markets is fairly fragmented, with large number of players operating in the market. The top 10 competitors in the market made up 14.32% of the total market in 2023.
Generative Artificial Intelligence (AI) In Financial Services 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 financial services market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for generative artificial intelligence (AI) in financial services? 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 financial services 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 financial services market; and compares it with other markets.