Fintech firms have utilized AI in fulfilling buyers’ demands by applying deep learning and machine learning tools for providing technologically advanced solutions. The COVID-19 pandemic has brought about huge scope for digitization of banking administrations and this has urged firms to utilize machine learning tools in the banking sector. As per the research, over half of fintech firms have utilized AI tools, for example, virtual assistants, robotic process automation, and machine learning for detecting fraudulent. With tech firms entering the fintech business, the market is expected to gain a foothold in the coming years.
The need for speeding up of business operations, their suppleness, and agility is foreseen to fuel the market. Besides, AI helps fintech firms in compelling dynamic interaction. Additionally, it likewise helps the associations in client retention & acquisitions and enhances client commitment activities. Moreover, the installation of AI technology across fintech associations helps in fortifying the data infrastructure of the associations. Every one of these factors is estimated to boost the growth of the global artificial intelligence (AI) in fintech market in the forthcoming years.
Besides, AI will improve the adoption of automation, better the business dynamic, and help produce new business models for fintech firms, consequently steering the market space. Also, the surge in internet usage across the globe and gigantic utilization of spatial information will multiply the development of the global artificial intelligence (AI) in fintech market. Furthermore, AI-driven administrative center tasks in the fintech firms will assist the organizations with transforming their units into a hub of excellence. Artificial intelligence helps fintech firms in improving clients unwaveringly and attracting new clients by creating an incentive for their administrations. This, in turn, will boost the business patterns. With AI aiding the organizations in targeting potential leads it is expected to additionally create new development roads for AI in the fintech industry.
The global artificial intelligence (AI) in fintech market is broadly segmented into deployment mode, application, and region. In terms of deployment mode, the market is bifurcated into cloud and on-premise. Based on application, the global market is divided into customer behavioral analytics, business reporting & analysis, and virtual assistant.
Regionally, the global artificial intelligence (AI) in fintech market is estimated to be led by North America within the forecast period with highest market share. This is attributed to the advancement in technology, especially in the nations like the US and Canada acting as the major contributors. Moreover, rapidly changing AI technology and its adoption in fintech industry are also foreseen to emerge as the contributing factors behind the regional growth in the upcoming years.
Some of the leading players operating in the global artificial intelligence (AI) in fintech market include Nuance Communications, Intel, Microsoft Corporation, Salesforce.com, Google, Inc., IBM Corporation, Inbenta Technologies, Amazon Web Services, ComplyAdvantage.com, and IPsoft.
For instance, Traydstream, in 2020, collaborated with Infosys Finacle to automate trade finance by implementing blockchain. Traydstream is a fintech company which scans important trade documents. This partnership aims to enable Finacle TradeConnect to get integrated with Traydstream that utilizes AI to scan the documents and thus saves time to verify the rules and regulations related to trade.