Fintech, or financial technology, described as an integration
of advanced technologies with financial services to improve or automate banking
and investing functioning. Artificial intelligence (AI) is broadly used in
financial institutions for identifying and preventing frauds through digital
banking channels. It includes digital lending, mobile banking, credit scoring,
asset management, insurance and trading processes. AI in fintech is also used
for operating robo-advisors to offer financial planning services based upon the
financial standing, goals, risk tolerance, budget and spending patterns of the
individuals. The swift digitization of the banking, financial
services and insurance (BFSI) industry across the world is one of the major
factors propelling the growth of the market. AI in fintech is significantly
used for operating debt collection, virtual assistance, sentiment and predictive
analysis, reporting and customer behavior analysis. It improves efficiency, reduces
the possibility of human error and can process huge amount of data in a short
period. In line with this, AI also helps in the automated and real-time
evaluation of cash, credit and investment accounts for analyzing the financial condition
of the individual and generating personalized insights for future growth. In
addition, several technological advancements, which include the incorporation
of fintech solutions with machine learning (ML), neural network, big data and
evolutionary algorithms, are also contributing in the growth of the artificial
intelligence in fintech market. These technologies offer improved monitoring of
financial transactions, speech recognition, risk management and safe network
access to the banking institutions. Few other factors, including the rising usage
of smart contracts for financial processes, coupled with major improvements in
the information technology (IT) infrastructure, are projected to boost the artificial
intelligence in fintech market towards growth. On the other hand, the dearth of
skilled consultants to deploy artificial intelligence in fintech will majorly
restrain the market growth.
Furthermore,
the rising availability of data sources is propelling the market. As the
fintech industry continues to innovate and develop at a rapid pace, fintech
firms and startups have widened their horizons to serve to a wide range of
segments. The financial sector extended its footprint among areas, such as consumer
and business loans, personal financial management, personal banking,
investments, financial advisory, and various other data sources. Moreover, the
rising mobile workforce will increase further innovation in the fintech market
which will create enormous opportunities for the market.
The
global Artificial Intelligence (AI) in Fintech Market is segregated on the
basis of Component as Solutions and Services. Based on Deployment Mode the
global Artificial Intelligence (AI) in Fintech Market is segmented in Cloud and
On-premises. Based on Application Area the global Artificial Intelligence (AI)
in Fintech Market is segmented in Virtual Assistant (Chatbots), Business
Analytics and Reporting, Customer Behavioral Analytics and Others.
The
global Artificial Intelligence (AI) in Fintech Market report provides
geographic analysis covering regions, such as Europe, North America, Asia
Pacific, and Rest of The World. The Artificial Intelligence (AI) in Fintech
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
IBM
Corporation, Intel Corporation, ComplyAdvantage.com, Narrative Science, Amazon
Web Services Inc. and others are among the major players in the global Artificial
Intelligence (AI) in Fintech 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 April
2020, Fenergo, the provider of customer journey, digital transformation and
client lifecycle management (CLM) solutions for financial institutions and IBM
signed an original equipment manufacturing (OEM) agreement which may enable
companies to collaborate on solutions which can help clients address the number
of financial risks they face.
- In May
2020, Sentifi AG declared the extended substitute data-based analytics to
surface investment opportunities and handle risks. Sentifi’s new analytics
solution consists of detection of the sector, industry outliers, ESG events
with potential asset valuation impact and investment themes trending real-time
while providing investors the capability to identify outliers within their
portfolios. Investors can assess portfolio sentiment performance to the custom
benchmark and swiftly identify major market events and impacted sectors,
industries and assets.
The global Artificial Intelligence (AI) in Fintech
Market has been segmented as below:
Artificial
Intelligence (AI) in Fintech Market, By Component
Artificial
Intelligence (AI) in Fintech Market, By Deployment Mode
Artificial
Intelligence (AI) in Fintech Market, By Application Area
- Virtual Assistant (Chatbots)
- Business Analytics and Reporting
- Customer Behavioral Analytics
- Others
Artificial
Intelligence (AI) in Fintech Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
Artificial
Intelligence (AI) in Fintech Market, By Company
- IBM Corporation
- Intel Corporation
- ComplyAdvantage.com
- Narrative Science
- Amazon Web Services Inc.
- IPsoft Inc.
- Next IT Corporation
- Microsoft Corporation
- Onfido
- Ripple Labs Inc.
- Active.ai
- TIBCO Software (Alpine Data Labs)
- Trifacta Software Inc.
- Data Minr Inc.
- Zeitgold GmbH
The
report covers the below scope:
- Global Artificial Intelligence (AI)
in Fintech 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 Artificial Intelligence (AI)
in Fintech 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 Artificial
Intelligence (AI) in Fintech 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 Artificial Intelligence (AI) in Fintech
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 Artificial
Intelligence (AI) in Fintech Market share. Major industry players with
significant revenue share include IBM Corporation, Intel
Corporation, ComplyAdvantage.com, Narrative Science, Amazon Web Services Inc. and others.
Why to
Buy this Report:
- Gain detailed insights on the Artificial Intelligence (AI) in Fintech industry trends
- Find complete analysis on the
market status
- Identify the Artificial
Intelligence (AI) in Fintech 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
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