AI in Banking Market: Improving Risk Management, Driving Growth and Enhancing Customer Satisfaction

The global artificial intelligence (AI) in Banking market is expected to reach a market size of USD 130.00 Billion by 2027 and register a high revenue CAGR, according to latest analysis by Emergen Research. A key driving factor includes growing demand for advanced tools to enhance customer experience in the banking sector. Increasing demand for solutions to simplify banking operations is expected to further fuel growth of the global artificial intelligence (AI) market growth during the forecast period. Rising capital venture investment in artificial intelligence (AI) companies is also expected to propel global AI in banking market growth.

The incorporation of Artificial Intelligence (AI) in the banking sector has transformed how financial organisations work, opening up new opportunities for development and efficiency. AI technology has emerged as a valuable tool for banks to improve customer experience, streamline operations, minimise risks, and boost revenue, thanks to its capacity to analyse massive volumes of data and make intelligent predictions. The market for artificial intelligence in banking is expanding rapidly and is projected to continue in the future years.

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However, implementing AI in the banking sector is fraught with difficulties. One of the major constraints is the concern about data privacy and security. Banks handle sensitive client information, and the introduction of artificial intelligence algorithms raises concerns about data breaches and unauthorised access. Banks must invest in robust security systems and follow severe data protection standards to address these concerns. Finding the correct balance between exploiting AI capabilities and safeguarding data privacy will be critical for the AI in banking market's long-term success.

Despite these obstacles, the AI in banking industry is expected to grow significantly due to a variety of factors. The growing availability of big data, together with advances in cloud computing technologies, provides a good platform for AI adoption in the banking sector. The increased competition among banks to provide personalised services and superior client experiences drives AI adoption even further. Furthermore, favourable government efforts and legislation encouraging digital transformation and innovation in the financial sector act as drivers for the expansion of AI in banking..

Some players analyzed in the report are:

·        Amazon Web Services Inc.,

·        Microsoft Corporation,

·        Google LLC,

·        Intel Corporation,

·        Oracle Corporation,

·        Salesforce.com, Inc.,

·        SAP SE, Baidu, Inc.,

·        Comply Advantage Ltd, and Interactions LLC.

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Google LLC: Google is catering to the banking business by harnessing its capabilities in AI and machine learning. Google Cloud, its cloud platform, provides AI-powered solutions for risk analysis, fraud detection, and consumer interaction. Google's excellent artificial intelligence skills and large infrastructure position it as a formidable player in the AI in banking business.

Amazon Web Services (AWS): As a top cloud service provider, AWS provides a wide range of AI and machine learning capabilities that banks can use to improve their operations. AWS offers AI solutions for customer service, compliance, and data analytics, allowing banks to exploit AI capabilities at scale.

Oracle Corporation: Through its Oracle Financial Services suite, Oracle provides AI-powered solutions for banks. The AI features in the suite include fraud protection, credit risk assessment, and consumer analytics. Oracle's AI solutions are intended to assist banks in improving operational efficiency, improving decision-making, and providing personalised banking experiences.

Some Significant Report Highlights:

• Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics & visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period.
• In terms of market share, the deep learning & machine learning segment is expected to lead among the other technology segments in the global AI in the banking market during the forecast period due to growing adoption of deep learning & machine learning approach for risk assessment in banks.
• Increasing need to optimize customer engagement by introducing AI-driven virtual assistance and provide 24/7 customer services and answer customer queries and grievances is expected to contribute to revenue growth of the customer service segment in the global AI in the banking market during the forecast period.
• Due to growing need to offer improved customer service in the banking industry, the Chatbot segment is projected to lead in terms of revenue share in the global AI in the banking market during the forecast period.
• Factors such as growing emphasis of banks in countries in North America on enhancing banking operations with the use of advanced technologies are resulting in the market in the region accounting for comparatively larger revenue share than other regional markets.

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On the basis of type, the market is segmented into:

Emergen Research has segmented the global AI in banking market on the basis of component, technology, application, solution, and region.

Component Outlook (Revenue, USD Billion; 2020–2027)

• Service
• Hardware
• Software

Technology Outlook (Revenue, USD Billion; 2020–2027)

• Natural Language Processing
• Deep Learning & Machine Learning
• Computer Vision
• Others

Application Outlook (Revenue, USD Billion; 2020–2027)

• Customer Service
• Back Office
• Financial Advisory
• Compliance & Security
• Risk Management
• Others

Solution Outlook (Revenue, USD Billion; 2020–2027)

• Customer Behavior Analytics
• Data Analytics & Visualization
• Fraud Detection
• Customer Relationship Management
• Chatbot
• Others

Regional Outlook:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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