Selbyville, Delaware, June 29, 2020 (GLOBE NEWSWIRE) —
According to latest report “AI in BFSI Market by Component (Solution [Chatbot, Customer Behavior Analytics, Customer Relationship Management, Data Analytics & Visualization, Fraud Detection], Service), Technology (Machine Learning, Natural Language Processing, Computer Vision), Application (Back Office/Operation, Customer Service, Financial Advisory, Risk Management, Compliance & Security), End-Use (Bank, Insurance, Wealth Management), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2026”, by Global Market Insights, Inc., the market valuation of AI technology in BFSI will reach $80 billion by 2026. The emergence of fintech technology and innovations in banking processes along with digitization is expected to contribute significantly to the market revenue.
The growing demand to analyze, report, & collect a large volume of data and gain meaningful insights to support banking processes will support AI in BFSI market growth. The increasing adoption of advanced technologies including big data, blockchain, cloud computing, and biometrics generates extensive data. AI-based solutions are integrated with machine learning algorithms to help banks in collecting and analyzing data. It provides an in-depth analysis of the customer data and helps banks to make decisions, enabling operational efficiency and gaining higher ROI.
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The data analytics and visualization solution segment in the AI in BFSI market will expand at a CAGR of nearly 40% till 2026. The demand for data analytics across financial enterprises has increased exponentially, which is attributed to the continuously growing digital data and increasing inclination toward the customer-centric business model. Data analytics & visualization solutions help BFSI enterprises in analyzing a large volume of structure & unstructured data and provide in-depth analysis. They also help organizations to identify customer needs and provide personalized services.
The computer vision technology segment is poised to witness over 35% growth during the forecast timeline. Insurance and wealth management companies are using automated processing with computer vision technology to analyze digital information. Enterprises leverage computer vision to automate the analysis of digital information such as images, content, etc. This technology is also used in processes including underwriting and automated data extraction.
The customer service segment is projected to account for 45% global AI in BFSI market share by 2026. Growing competition in the BFSI sector and the need to acquire a large customer base are driving enterprises to focus on improved customer relationships. Banks and other financial enterprises use AI-backed solutions to amplify engagement with customers. Furthermore, companies also use AI-based virtual communication assistants or chatbots to improve service delivery, customer query handling, virtual assistance, and assisting customers in banking transactions.
The adoption of AI-based solutions for wealth management is growing significantly at a CAGR of above 40% from 2020 to 2026. The use of AI-backed tools helps wealth managers to advise customers based on analyzed historical data and present analysis. It also provides AI-powered recommendations and insights specifically tailored to customer requirements.
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North America is anticipated to hold a share of above 50% in the AI in BFSI market by 2026. The COVID-19 outbreak has severely impacted the BFSI sector. In response, companies operating in the market are developing innovative solutions to help banking & financial institutions to drive their business. For instance, in April 2020, Temenos, a leading banking software company, launched explainable AI models for banks. This enabled credit unions & banks to provide rapid loans to SMEs and retail customers.
Table of Contents (ToC) of the report:
Chapter 3. AI in BFSI Market Insights
3.2. Industry segmentation
3.3. Impact of COVID-19 outbreak
3.3.1. By region
3.3.2. Industry value chain
18.104.22.168. AI in BFSI technology providers
22.214.171.124. Marketing & distribution channels
3.3.3. Competitive landscape
126.96.36.199. Distribution network
188.8.131.52. Business growth
3.4. Industry ecosystem analysis
3.5. Evolution of AI in BFSI technology
3.6. Investment landscape
3.6.1. AI investment
184.108.40.206. Asia Pacific
3.7. Regulatory landscape
3.7.1. Health Insurance Portability and Accountability Act (HIPAA)
3.7.2. Payment Card Industry Data Security Standard (PCI DSS)
3.7.3. North American Electric Reliability Corp. (NERC) Standards
3.7.4. Federal Information Security Management Act (FISMA)
3.7.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999
3.7.6. Sarbanes-Oxley Act of 2002
3.7.7. General Data Protection Regulation (GDPR)
3.7.8. Alternative Investment Fund Managers Directive (AIFMD)
3.7.9. Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.7.10. Dodd–Frank Wall Street Reform and Consumer Protection Act
3.7.11. European Market Infrastructure Regulation (EMIR)
3.7.12. Foreign Account Tax Compliance Act (FATCA)
3.7.13. Markets in Financial Instruments Directive (MIFID)
3.8. Use cases
3.8.1. Algorithmic trading
3.8.2. Anti-money laundering (AML) pattern detection
3.8.3. Customer service
3.8.4. Fraud detection
3.8.5. Insurance & loan underwriting
3.8.6. Portfolio management
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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