AI In Banking Market

Artificial intelligence is the future of banking as it utilizes advanced data analytics to identify fraudulent transactions and enhance compliance. By using AI to banks can improve the consumer experience in the contact list. Banks include huge amounts of data where AI will join the dots between the data points, changing how businesses interact with their customers. Banks are also adopting AI in middle-office tasks to identify, evaluate risks and eliminate payment fraud cases, enhance anti-money laundering (AML) processes and undertake know-your-customer (KYC) regulatory checks. Some of the major attributes propelling the expansion of global AI in the banking industry are growing digitization across the global banking sector, rising usage of AI-enabled chatbots and rising digital transformation in finance industries around the globe. For instance, Temenos created an AI-based platform known as Temenos Infinity Digital Banking Platform for business transformation, which is used in financial institutions to propel their digital transformation activities. Moreover, increased coordination among banks, as well as high government investment, are also promoting the AI in banking market expansion. Recently, Scotiabank, a leading bank in the America, declared a partnership with MaRS, a support network for Canadian entrepreneurs, and a non-profit community for Canadians working in technology, to begin its platform to new technologies. These bank collaborations intended to improve their access to developing technology, especially artificial intelligence (AI). In addition to this, the increased requirement for chatbots in the banking business for reducing agent training costs, customizing client experiences, enhancing customer service and rapidly addressing customer issues are major reasons propelling the rise of AI in the banking sector. Moreover, the increased requirement for real-time stock market information is accelerating the adoption of artificial intelligence (AI) in the banking sector. In India, for instance, the NSE (major stock exchange) introduced a Knowledge Hub on artificial intelligence (AI), which is accelerating a learning ecosystem to assist the banking and financial services sectors to enhance the capabilities of their personnel. Apart from this, the factors such as dearth of required infrastructure and trained AI professionals may limit the growth of AI in banking market.

In addition, the deployment of technological breakthroughs and increased awareness of new cloud technologies may open up new opportunities for companies in the AI in banking sector. Owing to the pandemic, it has been observed that most of the consumers have been using digital items for the transaction and to send money from one person to another, are using a digital wallet. As a result of the COVID-19 pandemic, there are additional possibilities for AI adoption in the banking sector because of the social distance is the sole method established for reducing COVID-19 exposure.

The global AI In Banking Market is segregated on the basis of Product as Hardware, Software and Services. Based on Application the global AI In Banking Market is segmented in Analytics, Chatbots and Robotic process automation (RPA).

The global AI In Banking Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI In Banking Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Zest AI, IBM, DataRobot, Inc., Accenture, Personetics Technologies are among the major players in the global AI In Banking Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In November 2020, the Cnvrg.io a platform to handle, build and automate machine learning was acquired by Intel Corporation. This acquisition will intensify Intel’s capabilities to develop machine learning models and fuels its artificial intelligence business.
• In October 2018, Onward Technologies Limited is a Multinational Engineering and IT Services Company was acquired by Google LLC. The acquisition was intended to improve the Google’s expertise to develop natural language processing built and artificial intelligence (AI) driven enterprise chatbot.

The global AI In Banking Market has been segmented as below:

AI In Banking Market, By Product

• Hardware
• Software
• Services

AI In Banking Market, By Application

• Analytics
• Chatbots
• Robotic process automation (RPA)

AI In Banking Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

AI In Banking Market, By Company

• Zest AI
• IBM
• DataRobot, Inc.
• Accenture
• Personetics Technologies
• Affectiva
• Kensho Technologies, LLC
• Intel
• Harman International Industries
• Cisco Systems
• ABB
• Bsh Hausgeräte
• Hanson Robotics,
• Blue Frog Robotics
• Fanuc

The report covers the below scope:

• Global AI In Banking Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global AI In Banking Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global AI In Banking Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global AI In Banking Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI In Banking Market share. Major industry players with significant revenue share include Zest AI, IBM, DataRobot, Inc., Accenture, Personetics Technologies and others.

Why to Buy this Report:

• Gain detailed insights on the AI In Banking industry trends
• Find complete analysis on the market status
• Identify the AI In Banking Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

 

Report Content

1.      Introduction

1.1.       Key Points

1.2.      Report Description

1.3.      Markets Covered

1.4.      Stakeholders

2.     Research Methodology

2.1.      Research Scope

2.2.     Research Methodology

2.2.1.     Market Research Process

2.2.2.    Research Methodology

2.2.2.1.           Secondary Research

2.2.2.2.          Primary Research

2.2.2.3.          Models for Estimation

2.3.     Market Size Estimation

2.3.1.     Bottom-Up Approach

2.3.2.    Top-Down Approach

3.     Executive Summary

4.    Market Overview

4.1.      Introduction

4.2.     Drivers

4.3.     Restraints

4.4.     Opportunities

4.5.     Challenges

5.     AI In Banking Market, By Product

5.1.      Key Points

5.2.  Hardware

5.3.  Software

5.4.  Services

6.    AI In Banking Market, By Application

6.1.      Key Points

6.2. Analytics

6.3. Chatbots

6.4. Robotic process automation (RPA)

7.     Competitive Landscape

7.1.      Introduction

7.2.     Start-up companies- AI In Banking Market

7.3.     Recent Developments

7.3.1.      Mergers & Acquisitions

7.3.2.     New Product Developments

7.3.3.     Portfolio/Production Capacity Expansions

7.3.4.     Joint Ventures, Collaborations, Partnerships & Agreements

7.3.5.     Others

8.    Company Profile

8.1.  Zest AI

8.2. IBM

8.3. DataRobot, Inc.

8.4. Accenture

8.5. Personetics Technologies

8.6. Affectiva

8.7.  Kensho Technologies, LLC

8.8. Intel

8.9. Harman International Industries

8.10.                   Cisco Systems

8.11.                    ABB

8.12.                   Bsh Hausgeräte

8.13.                   Hanson Robotics,

8.14.                   Blue Frog Robotics

8.15.                   Fanuc