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AI in BFSI Market Outlook 2020 – Growth Drivers, Opportunities and Forecast Analysis to 2026

Author : Ronak Bora | Published Date : 2020-09-02 

Latin America AI in BFSI market will witness a CAGR of around 43% over the forecast timeframe due to supportive government initiatives for promoting the use of AI in banking services.

Middle East & Africa AI in BFSI market will witness a CAGR of over 45% over the projected timeframe due to the increasing digitalization in the region.

The AI in BFSI market based on component is classified into solution, and service. The solution segment is further classified into fraud detection, data analytics & visualization, customer relationship management, customer behavior analytics, and chatbot. Customer behavior analytics segment will witness a CAGR of over 40% over the projected time period since organizations are looking for more advanced ways to understand customer behavior.

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The fraud detection segment witnessed a market share of over 15% in 2019 and is expected to register tremendous growth owing to the increasing incidence of financial frauds among the financial institutes.

The service segment is further categorized into managed service, and professional service. Professional service segment witnessed a market share of over 80% in 2019 due to increasing need for deployment and maintenance as retailers are rapidly embracing AI solutions.

The managed service segment is likely to witness an impressive CAGR of nearly 50% over the forecast time period due to the increasing adoption of intelligent algorithms among the managed service providers.

In terms of application, the overall AI in BFSI market is categorized into risk management, compliance & security; financial advisory; customer service; and back office/operation. The bank office/operation segment will witness a CAGR of over 40% through the analysis period owing to increasing trends of digitalization and automation of banking operation.

Growing focus on cutting downtime along with advancement like image recognition and NLP have driven AI in BFSI market trends. Emergence of fintech technology, rapid digitization and innovations in banking processes are other key factors contributing towards the industry growth.

Proliferation of advanced technologies including blockchain, big data, biometrics generates and cloud computing results in generation of extensive data base. Utilization of AI-based solutions and ML algorithms aid banks in collecting and analyzing this data. This in turn enables in-depth analysis of customer data and better position banks to make fruitful decisions, and hence increase operational efficiency and ROI.

Increasing adoption of cloud-based services is resulting in high demand for virtual assistance across BFSI enterprises. The associated need to analyze, report and collect a large volume of data for gaining meaningful insights to support banking processes will propel technology demand over the coming years. A report suggests that global AI in BFSI market size will cross the USD 80 billion mark by 2026.

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The new launch enabled credit unions and banks to offer rapid loans to retail customers and SMEs. Major companies offering artificial intelligence solutions for BFSI markets are Google LLC, Amazon Web Services, Intel Corporation, Oracle Corporation and Microsoft Corporation, among others.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definitions

1.1.6. Methodology & forecast parameters

1.2.  Data Sources

1.2.1. Secondary    Paid sources    Public sources

1.2.2. Primary

Chapter 2.   Executive Summary

2.1.  AI IN BFSI industry 360º synopsis, 2015 – 2026

2.2.  Business trends

2.3.  Regional trends

2.4.  Component trends

2.4.1. Solution trends

2.4.2. Service trends

2.5.  Technology trends

2.6.  Application trends

2.7.  End use trends

Chapter 3.   AI in BFSI Market Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Impact of COVID-19 outbreak

3.3.1. By region    North America    Europe    Asia Pacific    Latin America    Middle East & Africa

3.3.2. Industry value chain  Suppliers    AI in BFSI technology providers    Marketing & distribution channels

3.3.3. Competitive landscape  Strategy    Distribution network    Business growth

3.4.  AI in BFSI industry ecosystem analysis

3.5.  Evolution of AI in BFSI technology

3.6.  Investment landscape

3.6.1. AI investment  Americas    EMEA    Asia Pacific

3.7.  Regulatory landscape

3.7.1. Health Insurance Portability and Accountability Act (HIPAA)

3.7.2. Payment Card Industry Data Security Standard (PCI DSS)

3.7.3. North American Electric Reliability Corp. (NERC) Standards

3.7.4. Federal Information Security Management Act (FISMA)

3.7.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999

3.7.6. Sarbanes-Oxley Act of 2002

3.7.7. General Data Protection Regulation (GDPR)

3.7.8. Alternative Investment Fund Managers Directive (AIFMD)

3.7.9. Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.7.10. Dodd–Frank Wall Street Reform and Consumer Protection Act

3.7.11.    European Market Infrastructure Regulation (EMIR)

3.7.12.    Foreign Account Tax Compliance Act (FATCA)

3.7.13.    Markets in Financial Instruments Directive (MIFID)

3.8.  Use cases

3.8.1. Algorithmic trading

3.8.2. Anti-money laundering (AML) pattern detection

3.8.3. Customer service

3.8.4. Fraud detection

3.8.5. Insurance & loan underwriting

3.8.6. Portfolio management

3.9.  Industry impact forces

3.9.1. Growth drivers  Exponentially growing digital data    Rising investment in AI    Increasing partnership between financial institutes and fintech companies    Growing need to provide enhanced customer experience

3.9.2. Industry pitfalls & challenges  Data safety & security    Black box effect

3.10.    Growth potential analysis

3.11. Porter’s analysis

3.12.    PESTEL analysis

 Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-in-bfsi-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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