Generative AI in Banking and Finance Market at a CAGR of 33% with Top Players | Google, IBM, Microsoft, Salesforce, Amazon and Others

The Global Generative AI in Banking and Finance Market is expected to reach around USD 12,337.87 million, at a CAGR of 33% during the forecast to 2031.

Generative AI, within the banking sector, entails the application of artificial intelligence techniques, particularly generative models, to generate pertinent and authentic data or content. Its application spans various functions such as generating synthetic financial data for training predictive models, personalizing customer interactions through chatbots and virtual assistants, and crafting natural language reports or summaries from raw financial data. Through the adoption of generative AI, banks can enhance customer service, streamline decision-making processes, automate mundane tasks, and innovate financial products and services. This technology enables banks to simplify operations, simulate diverse scenarios, and adapt to evolving market conditions, thereby enhancing productivity and competitiveness in the financial industry.

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Top Key Competitors of Generative AI in Banking Market:

OpenAI,
Google,
IBM,
Microsoft,
Salesforce,
Amazon Web Services,
Traditional Banking Institutions,
Intel Corporation,
SAP SE and Others.

Financial institutions utilize generative AI to assess potential outcomes and risks linked with alternative techniques by simulating synthetic market scenarios and modeling different investment strategies. Through the evaluation of historical data and generation of hypothetical future financial scenarios, generative AI aids in financial forecasting. This capability enables businesses to predict stock prices, market trends, and consumer behavior more precisely, leading to improved decision-making processes. The market for generative AI in finance is propelled by factors such as increased investment in AI, continual product launches, enhanced collaboration among market players, technological advancements, and the advantages offered by these techniques.

Generative AI In Fintech Market Segmentation:

By Component:

Service
Software

By Application:

Compliance & Fraud Detection
Personal Assistants
Asset Management
Predictive Analysis
Others

By End-user:

Retail Banking
Investment Banking
Stock Trading Firms
Hedge Funds
Other Industries

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key Development points:

In July 2023, Jumpsuit Finance reported the public unveiling of Genesis J2T-F1 for the Financial Services Industry. This innovation covers various financial segments such as banking, asset management, exchanges, financial technology, and wealth management. Genesis J2T-F1 introduces scenario forecasting tools aimed at accelerating insight production.

Furthermore, in June 2023, Google Cloud launched an anti-money laundering tool powered by artificial intelligence. This tool is designed to assist international financial institutions in identifying money laundering activities with greater precision and effectiveness.

Regions Covered in the Global Generative AI in Banking and Finance Market:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East, Africa and rest of the world

Key Report Highlights:

The report provides a comprehensive overview of market size, growth drivers, and trends, This information can help businesses to make informed decisions about their strategies.
The report provides a competitive analysis of the Generative AI in Banking and Finance, which can help businesses to identify their strengths & weaknesses to the competitors.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global Generative AI in Banking and Finance outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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This release was published on openPR.