The Asia Pacific region in AI in BFSI Market will grow at a CAGR of 40% over the forecast period. The growth is rising due to Chinese vendors such as Baidu and Alibaba, and the government initiatives to develop machine learning and AI technology by 2030. For instance, in early 2018, China Construction Bank (CCB), the second-largest lender by assets, opened a new branch in Shanghai, that will run technologies such as AI, VR, and facial recognition. The bank has already installed 1,600 smart machines to give a tech-savvy experience to its customers.
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AI in BFSI market is growing due to a hike in the volume of digital data. Moreover, it is estimated that the digital data will grow exponentially by more than 35% over the next decade. A rise in the use of advanced technologies, such as Big Data and IoT, is responsible for the increase in the volume of the data. Furthermore, the increasing usage of smart devices and the internet also raises the global volume of the data. It is anticipated that by 2020, new data will be generated at the rate of around 1.7 megabytes per second. This has motivated the leading financial institutions to adopt AI in BFSI to implement the business strategies by extracting useful data from large discrete data sets.
Banks are leading the implementation of AI in BFSI market with a share of more than 50%. The use of AI and machine learning in analytics and customer service market has created the opportunity for more personalized and faster customer experiences, better insights, and automation of back-end jobs. It is expected that more than 36% of the financial institutions will be investing in AI and more than 75% will be using the technology in the coming five years.
The customer service is the dominating application of the AI in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.
Also, fintech organizations are collaborating with banks to offer new products & services and attract a greater number of customers. Wealth management companies are also expected to hold a share of more than 25% in the global AI in BFSI market as they are adopting the technology for analyzing the financial news and for making informed decisions. The AI-based systems can also analyze the amount of salary one receives, the expenditure, and savings to predict the future behavior. This data helps banks in lending loans to its customers.
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Infusing AI-based applications across a diverse set of operations has brought about a momentous shift in the ability of organizations, working in the BFSI domain, to swiftly analyze, comprehend, and respond to vast amounts of data which has consequentially augmented the revenue share of companies operating across AI in BFSI market. With the advent of advanced machine learning algorithms, data analytics solutions, natural language processing techniques, the AI in BFSI industry space is anticipated to register an overwhelming CAGR of 30% over the estimated timeframe.
Major Key Points from Table of Content:
Chapter 7. AI in BFSI Market, By Application
7.1. Key trends, by application
7.2. Back Office/Operation
7.2.1. Market estimates and forecast, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3. Customer Service
7.3.1. Market estimates and forecast, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 – 2024
7.4. Financial Advisory
7.4.1. Market estimates and forecast, 2013 – 2024
7.4.2. Market estimates and forecast, by region, 2013 – 2024
7.5. Risk Management, Compliance & Security
7.5.1. Market estimates and forecast, 2013 – 2024
7.5.2. Market estimates and forecast, by region, 2013 – 2024
7.6.1. Market estimates and forecast, 2013 – 2024
7.6.2. AI in BFSI Market estimates and forecast, by region, 2013 – 2024
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