Artificial Intelligence (AI) in Banking Market Increasing Demand, Growth Analysis and Future Outlook by 2031

The global artificial intelligence (AI) in banking market is anticipated to grow at a CAGR of 25.1% during the forecast period. There is an exponential increase in the number of people using mobile devices and internet such as smart phones and tablets according to International Telecommunication Union, that approximately 5.4 billion people - or 67 per cent of the world's population - are using the Internet in 2023. This represents an increase of 45 per cent since 2018, with 1.7 billion people estimated to have come online during that period.

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However, this leaves 2.6 billion people still offline. use of online and mobile banking channels across countries has increased by an estimated 20 to 50 percent and is expected to continue at this higher level once the pandemic subsides. Across diverse global markets, between 15 and 45 percent of consumers expect to cut back on branch visits following the end of the crisis. The mobile app empowers highlights duplicate services and high bills and suggests possible actions, such as reducing the number of subscriptions or negotiating for more competitive mobile- phone fees, and recommends options for reducing bank fees.

Global Artificial Intelligence (AI) in Banking Market Report Segment

By Technology

• Natural Language Processing (NLP)
• Machine Learning & Deep Learning
• Computer Vision
• Others (Reinforcement Learning, Generative Adversarial Networks)

By Component

• Software and Services
• Hardware

By Application

• AI-Powered chatbot
• Mobile Banking
• Customer Service
• Risk Management Compliance & Security
• Others (Financial advisory, back office and operations)

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Artificial Intelligence (AI) in Banking Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

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• comply advantage ltd
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• Datarobot Inc.
• Feedzai
• FICO
• Google LLC
• IBM Corp.
• JPmorgan Chase & Co.
• Kasisto

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