What’s driving the Artificial Intelligence in BFSI Market Growth? | Major Vendors are Amazon Web Services, Baidu, Inc., Digital Reasoning, Google, Intel Corporation, Ipsoft, Microsoft

Artificial Intelligence in BFSI Market is growing due to a hike in the volume of digital data. Moreover, it is estimated that the digital data will grow exponentially by more than 35% over the next decade. A rise in the use of advanced technologies, such as Big Data and IoT, is responsible for the increase in the volume of the data. Furthermore, the increasing usage of smart devices and the internet also raises the global volume of the data. It is anticipated that by 2020, new data will be generated at the rate of around 1.7 megabytes per second. This has motivated the leading financial institutions to adopt AI in BFSI to implement the business strategies by extracting useful data from large discrete data sets. The capabilities of AI technology to do tasks such as NLP and identifying images, text, and speech are fueling the demand for this technology. However, data privacy will act as a hurdle for the technology. One of the major concerns is the security of the data being used in machine learning and deep learning algorithms as it can be easily hacked by attackers.

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The financial institutions are adopting various AI-based solutions such as chatbot, Customer Relationship Management (CRM), behavior analytics, visualization solutions, and data analytics to draw useful data and improvise the customer experience. The rising utilization of the customized software by financial institutes is fueling the market growth. CRM solutions held a share of over 40% in 2017. The growing needs to offer better customer service and experience are the primary factors driving the market. Currently, the customers are empowered with the availability of a variety of products & services, and the growing competition in the artificial intelligence in BFSI market, which is leveraging the adoption of CRM solutions, helping companies to give a customized and personalized experience to the customer.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Amazon Web Services
2. Avaamo
3. Baidu Inc.
4. Cape Analytics
5. CognitiveScale
6. Comply Advantage.com
7. Descartes Labs
8. Digital Reasoning Inc.
9. Google Inc.
10. Inbenta Technologies
11. Intel Corporation, Interaction LLC
12. Ipsoft Inc.
13. Lexalytics Inc.
14. Microsoft Corporation
15. NEXT IT
16. Oracle Corporation
17. Palantir
18. Salesforce.com Inc.
19. SAP SE
20. Zest Finance

Chapter 3. Artificial intelligence in BFSI market Insights

3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Market news
3.7. Investment landscape
3.7.1. AI investment
3.7.1.1. Americas
3.7.1.2. EMEA
3.7.1.3. Asia Pacific
3.7.2. Fintech investment
3.7.2.1. Americas
3.7.2.2. EMEA
3.7.2.3. Asia Pacific
3.8. Regulatory landscape
3.8.1. Health Insurance Portability and Accountability Act (HIPAA)
3.8.2. Payment Card Industry Data Security Standard (PCI DSS)
3.8.3. North American Electric Reliability Corp. (NERC) Standards
3.8.4. Federal Information Security Management Act (FISMA)
3.8.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.8.6. Sarbanes-Oxley Act of 2002
3.8.7. General Data Protection Regulation (GDPR)
3.8.8. Alternative Investment Fund Managers Directive (AIFMD)
3.8.9. Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.8.10. Dodd–Frank Wall Street Reform and Consumer Protection Act
3.8.11. European Market Infrastructure Regulation (EMIR)
3.8.12. Foreign Account Tax Compliance Act (FATCA)
3.8.13. Markets in Financial Instruments Directive (MIFID)
3.9. Use cases
3.9.1. Algorithmic trading
3.9.2. Anti-money laundering (AML) pattern detection
3.9.3. Customer service
3.9.4. Fraud detection
3.9.5. Insurance & loan underwriting
3.9.6. Portfolio management
3.10. Industry impact forces
3.10.1. Growth drivers
3.10.1.1. Exponentially growing digital data
3.10.1.2. Rising investment in AI
3.10.1.3. Increasing partnership between financial institutes and fintech companies
3.10.1.4. Growing need to provide enhanced customer experience
3.10.2. Industry pitfalls & challenges
3.10.2.1. Data safety & security
3.10.2.2. Black box effect
3.11. Growth potential analysis
3.12. Porter's analysis
3.13. PESTEL analysis

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In the technology space, machine learning and deep learning market is leading with more than 35% share in the market. The artificial intelligence in BFSI market growth is due to the rising investments in AI globally. For instance, in 2017, an increase of approximately 300% in investments in the technology across all the businesses has been estimated. The growing investments in technology are attributed to the wide range of applications of the AI technology along with advanced analytics and machine learning. Moreover, the wide use of machine learning programming in Anti-Money Laundering (AML), trading, and fraud detection applications have raised the demand for technologies that can analyze customer data.

NLP technology is also gaining traction as it is being used for text mining, analyzing news, cross-border payments, text & speech analysis in the artificial intelligence in BFSI market, for data processing, and gaining useful information.
AI is being used for improving customer services in the BFSI sector, holding more than 40% of the market. The market is growing due to an increase in the use of chatbots and conversational AI solutions for helping customers in solving their queries. There is a surge in using CRM solutions for analyzing voice & text messages, increasing the competition in the market and assisting the market to grow.

Banks are leading the implementation of artificial intelligence in BFSI market with a share of more than 50%. The use of AI and machine learning in analytics and customer service market has created the opportunity for more personalized and faster customer experiences, better insights, and automation of back-end jobs. It is expected that more than 36% of the financial institutions will be investing in AI and more than 75% will be using the technology in the coming five years. Also, fintech organizations are collaborating with banks to offer new products & services and attract a greater number of customers.

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Wealth management companies are also expected to hold a share of more than 25% in the global artificial intelligence in BFSI market as they are adopting the technology for analyzing the financial news and for making informed decisions. The AI-based systems can also analyze the amount of salary one receives, the expenditure, and savings to predict the future behavior. This data helps banks in lending loans to its customers.

North America holds a majority share of 50% in the artificial intelligence in BFSI market due to the high investment and the growing number of AI start-ups. Moreover, technology giants such as Google and IBM are also investing in small start-ups to help them in gaining technology expertise and building up new customized applications. For instance, in 2016, IBM invested USD 3 billion in AI for enhancing the capabilities of Watson cognitive computing capabilities.

The Asia Pacific region will grow at a CAGR of 40% over the forecast period. The artificial intelligence in BFSI market growth is rising due to Chinese vendors such as Baidu and Alibaba, and the government initiatives to develop machine learning and AI technology by 2030. For instance, in early 2018, China Construction Bank (CCB), the second-largest lender by assets, opened a new branch in Shanghai, that will run technologies such as AI, VR, and facial recognition. The bank has already installed 1,600 smart machines to give a tech-savvy experience to its customers.

The AI technology is an integration of computer science, Natural Language Processing (NLP), and machine learning algorithms, offering the interaction of computer systems with human language. With the rapidly growing competition among the market vendors, financial organizations are adopting this advanced technology to provide a better customer experience and enhance the operational efficiency. According to Global Market Insights, Artificial Intelligence in BFSI Market size was anticipated to be over USD 2.5 billion in 2017 and is expected to grow at a rate of over 30% during the forecast period.

The artificial intelligence in BFSI market is characterized by the presence of a large number of AI and fintech companies. Several new players are entering the market to take the advantage of the myriad growth opportunities offered by the market. The prominent players of the AI in BFSI market are Google, Microsoft, IBM, Intel, AWS, SAP, Oracle, Salesforce, IPsoft, Palantir, Lexalytics, Inbenta Technologies, Next IT, Interaction, Zest Finance, Lexalytics Inc., Digital Reasoning, Descartes Labs, Comply Advantage.com and Cape Analytics.

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