Artificial Intelligence in BFSI Market Overview, Competitive Insights, Significant Futuristic Trends and Opportunities 2024

Artificial intelligence (AI) in banking, financial services and insurance (BFSI) is projected to grow significantly in the coming years. Positive rise of AI-based application in BFSI such as customer support, fraud detection, and improving employee efficiency, buoyed the AI in BFSI market.

Based on technology, the AI in BFSI market is segmented into machine learning (ML), natural language processing (NLP), predictive analytics, and machine vision. Of these, machine learning to witness highest adoption in the BFSI industry in the coming years, owing to its ability to conduct thorough due diligence for approving loans, creating interactive user interface (UI), and chatbots. Machine learning is also being used to derive algorithms to build an optimum financial portfolio, which is critical for wealth management. Also, NLP is projected to register fastest growth during the forecast period, attributed to its application in speech processing which is used for secured bank authentication and transaction.

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Globally, several governments ledfinancial institutions are using AI for understanding money laundering patterns, in order to trace down the flow of money which is earned illegally or via unethical practices. As the banking system is shifting from rule-based to AI-based computing, financial institutions would be able to detect fraudulent transactions accurately and at a faster pace. This would significantly reduce frauds in BFSI industry which would reduce bank’s cost, and also safeguard bank’s reputation. Therefore, the need to curb cybercrime and AML set to drive the AI in BFSI market.

The need to provide enhanced customer experience to stay competitive is a major factor driving AI in BFSI market. AI extracts data from data silo, which provides customer insights and further helps in creating personalized experience at every possible customer touchpoint. As individual banking varies from person to person, AI is being used for creating personalized content. For instance, mobile app-based personalized notifications are build based on past interactions with the customers. Hence, BFSI companies are aggressively investing in AI in order to enhance end user experience.

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Major players in AI in BFSI market such as Google Inc., and Microsoft Corporation, are focusing on mergers and acquisitions in order to gain market share, and also increasing their spending on R&D activities to stay competitive. For instance, Google Inc., a subsidiary of Alphabet Inc, acquired Halli Labs, an AI and machine learning based solution provider, in 2017; this would enhance company’s expertise in the field of deep learning and machine learning technologies.

Some of the other key players operating in the AI in BFSI market are Amazon Web Services Inc, IBM Corporation, Avaamo Inc, Baidu Inc, Cape Analytics LLC, Oracle Corporation, Intel Corporation, Lexalytics Inc, SAP SE, and Salesforce.com Inc.

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