The global Artificial Intelligence In Fintech Market size is expected to reach USD 41.16 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, enhance their efficiency and instant query resolving through digital banking channels. AI technology like machine learning can help organizations raise their value by improving loan underwriting and eliminating financial risk. Organizations are also using it to build more robust fraud detection and prevention systems and help accelerate risk assessments and fraud detection.
The AI in fintech market is expected to increase in
the coming years due to advancement in technology that is boosting financial
service providers’ business processes. Some of the primary drivers of the
market include growing internet penetration and geographical data availability.
AI and machine learning have aided banks and fintech firms by allowing them to
process massive volumes of client data. For instance, in March 2022, KBC Group,
a Belgian-based multi-channel bank insurer, commercialized its portfolio of AI
applications through Discai, its wholly-owned subsidiary, beginning with
introducing an AI application meant to prevent money laundering.
Discai will first provide a unique and
high-performance AI-based system for closely monitoring money laundering, take
a phased approach to the market, and collaborate with partners to distribute
and integrate these applications. Financial institutions and banks are
implementing AI technologies to unlock insights and information hidden in
unstructured documents and automate the manual processes that banks have
historically performed at double-quick speed. In addition, the growing demand
for process automation between financial institutions is propelling the market.
Blockchain and distributed ledger technology enhance AI adoption in the
financial sector by providing new means to record, track, and store financial
asset transactions.
Growing awareness of the benefits of cloud-based
firewalls among small- and medium-sized organizations, particularly in
developing nations, will create numerous opportunities for market expansion.
For instance, in May 2022, The Czech Republic Finance Ministry, a government
ministry in charge of economic policy, revenue service, insurance, the
government budget, banking, and security, initiated a project to maximize the
potential of fintech apps and data used in financial services in the country.
The project was implemented by the Organization for Economic Cooperation and
Development and funded by the European Union in collaboration with the European
Commission’s DG REFORM-Directorate-General for Structural Reform Support.
Furthermore, it will include a feasibility analysis of
the possible formation of a sandbox in the Czech Republic and the prospects of
data in financial services to let the fintech innovation be based on shared
data. Fintech has been evolving in the investment management sector. Advanced
technology and solution adoption, such as AI, big data, and machine
learning, to assist businesses in evaluating investment possibilities,
optimizing their investment portfolios, and mitigating related risks, have been
significant in the technology adoption.
A prominent trend in AI in the fintech business is the
widespread use and integration of smart mobile payment solutions as customers
worldwide become more reliant on digital payment methods than traditional
wallets. Many participants in the market provide payment platforms and are
continually adding new features, such as voice commands and biometric access
control, which includes fingerprint and facial recognition. For instance, in
November 2021, Paytm, an Indian multinational financial technology provider,
announced the launch of a new feature, ‘Voice Trading’, driven by AI, which
allows customers to acquire stock information or place a trade with a single
voice command. The voice trading function allows a single voice command to be
processed instantly using neural networks and Natural Language Processing
(NLP).
Related Press Release@ Artificial Intelligence in Fintech Market Report
Artificial Intelligence In
Fintech Market Report Highlights
- Some of the regions in North America have the most
competitive and constantly changing AI technology in the world’s fintech
sector. In the industrialized economies of Canada and the U.S., there is a
strong emphasis on R&D-derived inventions
- The adoption of software tools with the deployment of AI-enabled
financial solutions extracts accurate, comprehensive, and enormous amounts
of data on time
- The growing adoption of managed services helps administer
AI-enabled fintech applications and is expected to drive the market growth
- Cloud-based solutions store vital resources and provide a wide
range of flexible AI solutions for the fintech business. The segment
generated the highest revenue in 2021
- The North America region dominated the global market in 2021.
However, Asia Pacific is projected to register the fastest CAGR from 2022
to 2030
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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