What to Expect from AI In Banking And Finance Market; Know the Market Scenario and Leading Key Players in the Industry: AlphaSense Inc., Ayasdi AI LLC, Darktrace, DataRobot, Inc., DreamQuark

The Global AI In Banking And Finance Market Report by Absolute Markets Insights is presented in a clear and concise way to help you understand market structure and dynamics. Recent trends, developments and opportunities leading to market growth in the Global AI In Banking And Finance Market have been analyzed and stated. The report focuses on the global market and provides answers to the most important questions that stakeholders are facing today in the world. Information on the size of the market raises the issue of expanding competitiveness and hindering market-leading sectors and market growth.

Global AI in Banking and Finance Market was Valued at US$ 14,159.7 Mn in 2020 and is Expected to Reach US$ 362,268.3+ Mn by 2030, Growing at a CAGR of 43.2%+ over the Forecast Period, With Rising Demand of Advanced Technological Solutions across the Banking and Finance Sector; says Absolute Markets Insights.

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Major Players Influencing the AI In Banking And Finance Market:
111Dimtech, Abe AI Inc., AlphaSense Inc., Ayasdi AI LLC, Darktrace, DataRobot, Inc., DreamQuark, Feedzai Inc., H2O.ai., Kasisto, Narrative Science, Underwrite.ai., USM, Webtunix AI, Xenonstack and Zest AI amongst others.

The report covers key developments in the AI In Banking And Finance market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players are anticipated to lucrative growth opportunities in the future with the rising demand for AI In Banking And Finance market in the global market. The report also provides exhaustive PEST analysis for all regions considered in the Global AI In Banking And Finance Market Report.

The study has classified the market into segments including product type, application & more. Every segment is evaluated based on share and growth rate. Besides, the analysts have studied the potential regions that may prove rewarding for the manufacturers in the coming years. The regional analysis includes reliable predictions on value and volume, thereby helping market players to gain deep insights into the overall industry. Besides segmental breakdown, the report is highly structured into a region-wise study. The researchers’ regional analysis highlights key regions and their dominating countries accounting for substantial revenue share in the AI In Banking And Finance market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR.

Technological advances have changed customer expectations across the banking and other financial institutions, inclining them towards digital transactions. The growth in internet and smartphone users have increased number of people with access to digital channels for their banking requirements. Global Findex 2017 of The World Bank indicates developing as well as high income economies have shown sharp rise in adoption of digital payments. To ensure that people benefit from digital financial services requires a well-developed payments system, with vigorous consumer protection measures that are essential to be incorporated. Artificial Intelligence has enabled banks and other financial institutions to secure their payment gateways from fraudulent activities. For instance, Microsoft Corporation provides financial institutions with an AI based solution to detect mobile banking frauds. In this solution, incoming mobile activity is analyzed and behavioral evaluation is done for fraud detection followed by preventive actions. Broad spectrum of AI technologies such as machine learning, computer vision, natural language processing and others facilitate different capabilities in streamlining these activities across the banking and finance sector. Natural language processing is used by various banks for customer service and insights gathering to address customer queries. Royal Bank of Scotland uses text analytics, a natural language processing technique, to extract information from various emails, surveys and conversations, analyze this information and identifies root cause behind customer dissatisfaction. Computer vision is another technology under AI umbrella which visualizes and analyzes digital images or videos for decision making. For instance, in 2018 HSBC bank gave their corporate customers access to face scan mobile banking through Apple‘s Face ID. Thus increasing benefits offered by different AI technologies for streamlining processes has further propelled the growth of global AI in banking and finance market.

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The recent outbreak of COVID-19 epidemic has hindered the banking and financed sector due to the shutdown of physical branches of banks and other financial institutions to avoid spread of coronavirus infection. This crisis has pushed people to opt for digital channels of banking. Digital banking channels eliminate the physical contact from banking transactions thus acting as a measure to curb the spread of coronavirus. Time consuming processes done at physical locations of the branches of banks and other financial institutions can be automated by AI technologies through digital banking. Neural networks are helping financial institutions to automate complex processes and enhance decision making capabilities thus lowering costs and improving accuracy and customer experience. Therefore, inflation in digital banking due to COVID-19 is another which is anticipated to drive the growth of global AI in banking and finance market.

Global AI In Banking And Finance Market:

By Offerings:
• Solutions
• Services

By Organization Size:
• Small and Medium Enterprises
• Large Enterprises

By Technology:
• Machine Learning
• Computer Vision
• Natural Language Processing
• Others

By Application:
• Risk and Compliance Management
• Customer Engagement and Lead Generation
• Asset and Wealth Management
• Fraud Prevention
• Others

By Geography:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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Key Findings of the Report:
• The global AI in banking and finance market was valued at US$ 14,159.7 Mn in 2020 and is anticipated to grow at a CAGR of 43.2%+ over the forecast period.
• Small and medium sized enterprises are anticipated to show highest growth rate over forecast period owing to introduction of affordable and easy to deployable cloud-based solutions.
• North America accounted for the highest market share in global AI in banking and finance market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years.

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