Artificial Intelligence (AI) in Fintech Market Global Assessments Report 2020-2027 | Microsoft, Google, Salesforce.com, Nuance Communications, Intel Corporation, Inbenta Technologies, Amazon Web Services

Artificial intelligence (AI) refers to a computer science division that aims to develop smart machines to perform different tasks. AI is one of the leading innovations that strengthens all fintech, healthcare, business intelligence, and marketing. Moreover, to cope with consumer concerns, these innovations can improve the marketing of goods and their services. It also has the ability to eradicate human error and to consider user requirements in banking procedures.

The global artificial intelligence (AI) in fintech market is said to have a potential scope for growth in the years to come due to the changing technology, which is improving the business processes of financial service providers.

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Increasing demand for process automation among financial organizations is expected to drive growth in global artificial intelligence in Fintech market.
For instance, in May 2020, Traydstream, a FinTech that scans trade documents with artificial Intelligence (AI), partnered with Infosys Finacle to implement block-chain technology and further automate trade finance.

Moreover, the collaboration will allow the blockchain technology from Finacle, named Finacle Trade Connect, to be incorporated with the platform of Traydstream, which uses artificial intelligence to search documents and reduce the time it takes to review trade rules or regulations, where errors can be expensive and time consuming to fix.

Adoption of machine learning-based fraud detection solutions in Fintech organizations in expected to drive growth of Global Artificial Intelligence in Fintech market
For instance, in May 2020, GB Group plc announced its expansion of AI and machine learning capabilities for its transaction and payment monitoring solution, Predator, making deep learning and predictive analytics available to their entire digital risk management customer journey.

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Lack of skilled consultants to deploy artificial intelligence in fintech is expected to restrain growth of global artificial intelligence in fintech market.

North America dominates the global artificial intelligence in fintech market as the region registered the maximum adoption of AI in Fintech solutions due to factors such as the strong economy, robust presence of prominent AI software and system suppliers, combined investment by government, and private organizations for the development and growth of research & development activities.

For instance, in June 2020, Betterview, a U.S.-based insuretech and A.I. startup, secured an additional of US$ 7.5 million, adding up to US$ 17 million from Maiden Re, a reinsurer based out Bermuda.
Asia Pacific in expected to witness rapid growth as higher technological advancement and rapid expansion of domestic enterprises in this region has led to become highly potential market.

According to India Brand Equity Foundation (IBEF), in September 2020, India's National Artificial Intelligence Strategy prepared by NITI Aayog outlined a way forward to harness the potential of Artificial Intelligence (AI) in different fields.

Key competitors in global artificial intelligence in fintech market are, Microsoft, Google, Salesforce.com, Inc., Nuance Communications, Inc., Intel Corporation, Inbenta Technologies Inc., Amazon Web Services, Inc., ComplyAdvantage, and SAMSUNG.

In April 2020, Fenergo, the provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions entered into an original equipment manufacturing (OEM) agreement with IBM that will allow the companies to collaborate on solutions that can help clients address the multitude of financial risks they face.

In October 2019, MDOTM, and Raiffeisen Capital Management, one of Austria’s largest fund managers, announced a new strategic partnership. With this new initiative, the range of Raiffeisen Capital Management’s sustainable funds would be used by MDOTM to provide to the market SRI investment solutions that benefit from the efficiency brought by AI technology in portfolio construction.

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