North America is estimated to account for 50% of artificial intelligence (AI) in BFSI market size by 2026. For wealth management, adoption of AI-based solutions is growing significantly and is expected showcase growth rate of over 40% through 2026.

The outbreak of COVID-19 has severely impacted the BFSI sector and in response to that, enterprises operating in the artificial intelligence (AI) in BFSI market are developing innovative solutions to aid banking and financial institutions get going with their business. A leading banking software company, Temenos, launched explainable AI models for banks in April 2020.

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The global artificial intelligence (AI) in BFSI market size will cross the USD 80 billion mark by 2026. 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.

The artificial intelligence (AI) in BFSI market to gain rapid growth due to emergence of fintech technology, rapid digitization and innovations in banking processes. Growing focus on cutting downtime along with advancement like image recognition and NLP have driven artificial intelligence (AI) in BFSI industry trends.

AI-backed tools enable wealth managers to advise customers based on analysis of historical as well as present data. These tools also offer insights and AI-powered recommendations, specifically personalized to customer requirements. Salesforce, a leading American software company, launched the AI-based Einstein Analytics platform in 2019 for offering customized financial services. The customizable analytics solution provides AI-augmented business intelligence to retail bankers, managers and wealth advisors.

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.

The new launch enabled credit unions and banks to offer rapid loans to retail customers and SMEs. Major companies operating in artificial intelligence (AI) in BFSI market are Google LLC, Amazon Web Services, Intel Corporation, Oracle Corporation and Microsoft Corporation, among others.

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In the artificial intelligence (AI) in BFSI market, customer service segment is likely to hold more than 45% of the overall industry share by 2026. Rising competition in the BFSI sector along with the need to acquire a large customer base is prompting enterprises to focus on improving customer relationships. Most of the financial enterprises are utilizing AI-backed solutions for better engagement with the customers. Moreover, these enterprises are deploying chatbots or AI-based virtual communication assistants to improve customer query handling, service delivery, assisting customers in banking transactions and overall virtual assistance.

Data analytics & visualization solutions aid BFSI in analyzing large volumes of unstructured & structured data, in turn assisting in an in-depth analysis. It also aids organizations to identify customer needs and offer personalized services accordingly. Data analytics and visualization solution demand is set to grow at 40% through 2026 on account of significant demand for data analytics in financial enterprises which can be further attributed to continuously expanding digital data. Growing inclination of enterprises toward customer-centric business model will favor technology adoption.

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