AI in BFSI Market | Analysis to 2024 with - Google, Intel Corporation, Ipsoft, Microsoft, Amazon Web Services, Baidu, Inc., Digital Reasoning

According to experts, utilization of AI in BFSI market that has brought a renewed realm of connectivity, ultimately led to an enhancement in the organizational structure. Probably having recognized this immense potential, Wells Fargo, another leading name in the business has recently set up its new AI Enterprise Solutions team, this February. Sources claim, the proposed AI group working under the umbrella of Virtual Solutions, Innovation Group, and Payments, would be mainly targeting three goals- increasing payment connectivity and bring forth new opportunities via AI utilization. Last month, the organization began piloting an artificial intelligence-driven chatbot via Facebook messenger platform.

Elaborating further, the unveiling of AVA signifies the transformative phase being witnessed across the worldwide insurance sector where prominent AI in BFSI industry players have been increasingly deploying advanced algorithms to enhance the underwriting process. This has, in turn, impelled the insurance segment of the AI in BFSI market which is forecast to register an outstanding y-o-y growth rate of over 38% during 2018-2024.

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Company profiled in AI in BFSI market 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

Enumerated below is a succinct outline of how banks have been readily embracing AI-based solutions that has subsequently transformed the strategic and competitive landscape of AI in BFSI market:

- Embarking on its AI and automation journey in September 2017, State Bank of India unveiled its first AI-powered chat & voice assistant, named as SBI's Intelligent Assistant or SIA. The chatbot reportedly aids customers with everyday banking tasks just like a bank representative and has a remarkable capacity to handle close to 10,000 enquiries per second or 864 million in a day. Arguably, the deployment of an AI-based solution of this scale is cited to be first of its kind in the banking segment of the global AI in BFSI market. With an astonishing customer strength of around 420 million, State Bank of India's latest move towards integrating AI is being viewed as a major leap of faith for India's banking sector.

- Regarded as one of the world's largest banks, the U.S. based JPMorgan Chase has recently launched a digital platform that analyzes legal documents and extracts the relevant data. The AI-based invention, named as Contract Intelligence (COiN) platform, is an outcome of the initial implementation through machine learning technology and has an exceptional ability to revise approximately 12,000 annual sales agreements within minutes. The platform is being aptly termed as revolutionary across AI in BFSI market given the fact that it effectively eliminates the need to manually review the said number of sales agreements which generally takes around 360,000 hours.

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