Artificial
intelligence is the future of banking as it utilizes advanced data analytics to
identify fraudulent transactions and enhance compliance. By using AI to banks can improve the consumer experience in the contact
list. Banks include huge amounts of data where AI will join the dots between
the data points, changing how businesses interact with their customers. Banks
are also adopting AI in middle-office tasks to identify, evaluate risks and eliminate
payment fraud cases, enhance anti-money laundering (AML) processes and
undertake know-your-customer (KYC) regulatory checks. Some of the major attributes
propelling the expansion of global AI in the banking industry are growing
digitization across the global banking sector, rising usage of AI-enabled
chatbots and rising digital transformation in finance industries around the globe.
For instance, Temenos created an AI-based platform known as Temenos Infinity
Digital Banking Platform for business transformation, which is used in
financial institutions to propel their digital transformation activities. Moreover, increased coordination among banks,
as well as high government investment, are also promoting the AI in banking market
expansion. Recently, Scotiabank, a leading bank in the America, declared a partnership
with MaRS, a support network for Canadian entrepreneurs, and a non-profit
community for Canadians working in technology, to begin its platform to new
technologies. These bank collaborations intended to improve their access to
developing technology, especially artificial intelligence (AI). In addition to
this, the increased requirement for chatbots in the banking business for reducing
agent training costs, customizing client experiences, enhancing customer
service and rapidly addressing customer issues are major reasons propelling the
rise of AI in the banking sector. Moreover, the
increased requirement for real-time stock market information is accelerating
the adoption of artificial intelligence (AI) in the banking sector. In India,
for instance, the NSE (major stock exchange) introduced a Knowledge Hub on
artificial intelligence (AI), which is accelerating a learning ecosystem to assist
the banking and financial services sectors to enhance the capabilities of their
personnel. Apart from this, the factors such as dearth of required
infrastructure and trained AI professionals may limit the growth of AI in
banking market.
In addition, the deployment of technological breakthroughs
and increased awareness of new cloud technologies may open up new opportunities
for companies in the AI in banking sector. Owing to
the pandemic, it has been observed that most of the consumers have been using
digital items for the transaction and to send money from one person to another,
are using a digital wallet. As a result of the COVID-19 pandemic, there are
additional possibilities for AI adoption in the banking sector because of the
social distance is the sole method established for reducing COVID-19 exposure.
The
global AI In Banking Market is segregated on the basis of Product as Hardware, Software
and Services. Based on Application the global AI In Banking Market is segmented
in Analytics, Chatbots and Robotic process automation (RPA).
The
global AI In Banking Market report provides geographic analysis covering
regions, such as Europe, North America, Asia Pacific, and Rest of The World.
The AI In Banking Market for each region is further segmented for major
countries including the U.S., Canada, Germany, the U.K., France, Italy, China,
India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Zest AI, IBM,
DataRobot, Inc., Accenture, Personetics Technologies are among the major
players in the global AI In Banking Market. The companies studied in terms of
product strategy and various n several growth and expansion strategies to gain
a competitive edge in the market. The major players not only follow value chain
integration with business operations in multiple stages of the value chain.
- In November 2020, the Cnvrg.io a platform to handle, build
and automate machine learning was acquired by Intel Corporation. This
acquisition will intensify Intel’s capabilities to develop machine learning
models and fuels its artificial intelligence business.
- In October 2018, Onward Technologies Limited is a Multinational
Engineering and IT Services Company was acquired
by Google LLC. The acquisition was intended to improve the Google’s expertise
to develop natural language processing built and artificial intelligence (AI)
driven enterprise chatbot.
The global AI In Banking Market has been segmented
as below:
AI In
Banking Market, By Product
AI In
Banking Market, By Application
- Analytics
- Chatbots
- Robotic process automation (RPA)
AI In
Banking Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
AI In Banking
Market, By Company
- Zest AI
- IBM
- DataRobot, Inc.
- Accenture
- Personetics Technologies
- Affectiva
- Kensho Technologies, LLC
- Intel
- Harman International Industries
- Cisco Systems
- ABB
- Bsh Hausgeräte
- Hanson Robotics,
- Blue Frog Robotics
- Fanuc
The
report covers the below scope:
- Global AI In Banking Market sizes
from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global AI In Banking Market trends,
covering comprehensive range of consumer trends & manufacturer trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global AI
In Banking Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global AI In Banking Market report scope
includes detailed study covering underlying factors influencing the industry
trends. The report covers analysis on regional and country level market
dynamics. The scope also covers competitive overview providing company market
shares along with company profiles for major revenue contributing companies.
The report scope includes detailed competitive outlook covering market shares
and profiles key participants in the global AI In Banking Market share. Major
industry players with significant revenue share include Zest
AI, IBM, DataRobot, Inc., Accenture, Personetics Technologies and others.
Why to
Buy this Report:
- Gain detailed insights on the AI In Banking
industry trends
- Find complete analysis on the
market status
- Identify the AI In Banking Market
opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement