Artificial intelligence is paving its way in the banking activities and operational efficiency which are resulting in the decreasing the queues. This is estimated to fuel the global artificial intelligence in banking market in the coming years. These days, several banks have begun the usage of AI solutions to improve customer engagement and for providing personalized services. The combination of back office operations with AI is foreseen to provide high-end service at an affordable price. In addition, the requirement for impressive risk management, personalized fraud detection, and compliance are anticipated to affect the utilization of AI in banking industry.
In banking sector, the usage of AI is likely to grow significantly in the coming years. Both, public and private banks are concentrating on enhancing the service delivery with a leading position in the market. Additionally, the rising need for customer retention, attracting new customers, creating service values, and developing customer loyalty along with maintaining customer relationship are also expected to drive the global artificial intelligence in banking market. Moreover, the increasing demand for cashless transactions, need to improve CRM process and adoption of latest business models are likely to fuel the market growth.
AI in banking industry is also used in enhancing customer experience. However, high price of AI solutions are foreseen to hamper the overall growth of the market. Nevertheless, AI solutions help gain revenues for the banks through personalized customer experience, decreasing errors, producing insightful huge data, and optimization of resources. These factors are likely to overpower the hindrances and bring the market growth on track with exponential revenues.
The global artificial intelligence in banking market is majorly divided into technology, application, and region. In terms of technology, the global market is segmented into computer vision, NLP, machine learning, and deep learning. Based on application, the market is classified into financial advisory, customer service, back office, compliance & security, and risk management.
The global artificial intelligence in banking market is foreseen to be dominated by North America with the largest market share in the forecast period. This is credited to the rising focus on the usage of advanced technologies in banking sector. Moreover, the increasing demand for advanced risk management options is also estimated to propel the regional growth further.
Some of the vanguard players of the global artificial intelligence in banking market include Amazon Web Services, Inc., Google LLC, Intel Corporation, SAP SE, Baidu, Inc., Interactions LLC., Microsoft Corporation, and others.
Recently, Temenos came up with an AI-based solution, named Temenos Infinity Digital Banking Platform (TIDBP), which is to be used by the finance institutes for the purpose of business transformation that will accelerate the digital transformation process.