Artificial Intelligence in BFSI Market Scope
AI in banking refers to the development of operating banking operations by highly automatic techniques. Banking industries particularly applying artificial intelligence to offer personalized banking, customer support services, improve security and back-end processes and others. According to a study conducted by CMR and NASSCOM, 74% of top Indian IT decision-makers support the need for artificial intelligence in the BFSI sector.AI has the potential to affect the insurance industry in multiple ways. It is currently being used in claims processing, underwriting, fraud detection, and customer service. Digital disruption is redefining industries and changing the way business works. Every industry is assessing options and adopting ways to create value in the technology-driven world. The banking sector is witnessing groundbreaking changes foremost being the rise in customer-centricity.
The market study is being classified, by Application (Back Office/Operation, Customer Service, Compliance & Security and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Artificial Intelligence in BFSI market throughout the predicted period.
Amazon Web Services (United States), Avaamo (United States), Baidu Inc. (China), Cape Analytics (United States), CognitiveScale (United States), Comply Advantage (United Kingdom), Descartes Labs (United States), GoogleInc. (United States), SAP (Germany), Inbenta Technologies (United States), Intel Corporation (United States), Interaction LLC (United States), Microsoft Corporation (United States), Oracle Corporation (United States) and Palantir Technologies Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Lexalytics Inc. (United States) and Ipsoft Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Artificial Intelligence in BFSI market by Type, Application and Region.
On the basis of geography, the market of Artificial Intelligence in BFSI has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 12th March 2020, Swiss Re and Microsoft Corp. announced a strategic alliance to further advance insurance innovation and extend financial protection to more people globally. The centerpiece of the strategic alliance is the launch of Swiss Re’s Digital Market Center, which will help develop next-generation large-scale tools to transform the way the insurance industry predicts and manages risks, as well as how the industry creates tangible products based on Swiss Re’s risk knowledge.
- Increasing Adoption of Chatbot Enabled Banking Applications
- High Adoption due to AI Interfaces Allow Better Customer Onboarding
- Rising Demand of Customized IT Solutions in Banking Sector
- Integration of AI and Autonomous Operational Processes
- Emphasizing on Intelligent Applications for Banking Operations
- Growing Demand of Process Automation
- High Initial Capital Investment
- Continuously Changing Technical Landscape
- Maintaining Authenticity and Privacy of the Data
Key Target AudienceService/Solution Providers of Artificial Intelligence in BFSI, Banking Industry, Insurance Providers, Financial Institutions and Governmental Bodies
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