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Artificial Intelligence Market in BFSI North America is the largest market
The global artificial intelligence (AI) market in BFSI has gained significant growth due to increasing
usage of AI and machine learning technologies around the world. Other factors driving the growth of
the global AI market in BFSI include increase in large and complex dataset, also known as big data, in
the banking industry. Big data enables companies to democratize the data. Besides, it helps the
owners to access, manage and analyze their data without configuring virtual machines and reduce
Data analytics have made it easier to monitor and evaluate the huge amount of client’s personal
information. Big data helps banks to use personal information of their clients to constantly monitor
their transaction behaviors in real-time. This information further helps the banks to provide their clients
the resource in accordance to their needs and enhance their own profitability.
Explore Report Description At: https://www.psmarketresearch.com/market-analysis/artificialintelligence-in-bfsi-marketBanks across the globe are already using the AI technology to detect payment fraud. They are
presently using this technology to identify undesirable behavior of users and detect mishandling of
data. This technology would further be used to fight back with methods like predictive analytics, which
analyze the past and forecast customers spending behavior, location data from smart phones and
wearable devices. The technology, thus, enables a computer to behave and take decisions like a
human being. AI technology in the banking industry identifies connections and patterns, which remain
unidentified by humans. It also helps to improve customer personalization process and tries to answer
the questions about banking in real-time.
The key trend observed in the BFSI industry is increased emphasis on customer experience. The
smart machines and technologies extract the data, which provides customer insights and further helps
the industry to enhance its service provisions. According to a recent report, customers require
personalization in their banking experience. They want their financial institution to understand their
needs and deliver personalized offers. Personalized communications and advice, as provided by the
AI technology, can be portrayed by the robo advisors. With AI technology, algorithm-based portfolio
can be rebalanced regularly to maintain the guidelines of an investment and operate at costs. The
robo advisors were promoted by fintech firms like Betterment and Wealthfront, but traditional brokers
also offers these now.
Apart from robo advising, there are many financial institutions globally, which are using AI technology
to improve personalized communication and offers. It is anticipated that after few years, the use of
solution development and custom marketing will be the primary focus for financial organizations to
improve customer experience. Increasing adoption of machine learning technology is creating
opportunities for the artificial intelligence market in BFSI industry. Over the past few years, the
machine learning technology has advanced rapidly and it has been offering more efficient and cost
effective solutions that banks could implement even with their over-burdened IT systems. Presently,
AI technologies are increasingly being applied in the banking industry, mainly toward knowledge
management, identity authentication, market analysis, customer relationship management, antimoney laundering and risk control. The development of AI technology requires huge costs as it is
considered very complex machine. Repair and maintenance of this technology requires huge costs.
They have software programs which need frequent upgradation to cater to the needs of the changing
Geographically, North America is the largest market for AI in BFSI industry, owing to higher usage in
big data and analytics in this region. Continuous financial support from the government along with
technological upgradation has been helping to grow the North American market. The AI market in
BFSI is also expected to witness the fastest growth in Asia-Pacific during the forecast period, due to
increasing adoption of robo advisors and usage of application integration in the banking industry.
Japan was the largest AI market in Asia-Pacific as well as globally in 2016, followed by China. Also,
continued growth is expected in AI market in BFSI industry of North America and Europe. During the
forecast period, the widening scope of AI technology across R&D sector within high-tech end-user
industries is projected to increase this market in many developing nations, which are moving toward
automation for gaining increased productivity, greater efficiency and higher industrial growth.