AI in BFSI Market Research Report: By Offering (Chatbot, Customer Behavior Tracking, CRM, Data Analytics & Visualization, Fraud Detection), Technology (Machine Learning, NLP, Computer Vision), End-User (Banking, Insurance, Wealth Management), Regional Insight (U.S., Canada, UK, Germany, France, Russia, Italy, China, India, Japan, South Korea, Australia, Mexico, Brazil, U.A.E, Saudi Arabia, Turkey, South Africa) - Industry Size Analysis and Growth Forecast to 2024

New York, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI in BFSI Market" - https://www.reportlinker.com/p05815903/?utm_source=GNW

The inclusion of chatbots for enhancing customer engagement, rising digital disruptions across the globe, and improving risk management are the drivers of the artificial intelligence (AI) in banking, financial services, and insurance (BFSI) market. Registering a 37.2% CAGR during the forecast period (2019–2024), the market is expected to reach $20,017.9 million by 2024, from $3,091.9 million in 2018. AI is the mimicking of human intelligence by machines, especially computer systems, to perform tasks, such as learning the information, reasoning to reach conclusions, and self-correction.

The use of AI to counter fraudulent activities is trending in the AI in BFSI market. As frauds are common and difficult to track in the BFSI industry, advanced data analytics is being deployed to improve compliance and keep track of transactions. The technology has enabled the use of digital payment advisers, AI bots, and biometric fraud-detection mechanism in achieving a wider customer base and higher quality service, and at the same time reducing operational costs and increasing market revenue. This way, it helps banks identify frauds and prevent money laundering.

The inclusion of chatbots for engaging customers is driving the AI in BFSI market. Technical advancements have resulted in reduced personal contact with customers, which has raised the need for customer retention among many BFSI companies across the world. Banks are extensively using AI to build a customer-centric culture using machine learning, cognitive technologies, and natural language processing. For instance, the Bank of America developed a chatbot, Erica, in 2018, which is an AI-powered tool that helps clients by providing financial guidance via text and voice messages.

Market Segmentation by Offering
Solution
Chatbot
Customer Behavior Tracking
Customer Relationship Management (CRM)
Data Analytics & Visualization
Fraud Detection
Others
Service
Professional
Managed

Market Segmentation by Technology
Machine Learning
Natural Language Processing (NLP)
Computer Vision
Others

Market Segmentation by End-Use
Banking
Insurance
Wealth Management

Market Segmentation by Geography
North America AI in BFSI Market
By offering
By technology
By end-use
By country (U.S., Canada)
Europe AI in BFSI Market
By offering
By technology
By end-use
By country (UK, Germany, France, Russia, Italy, Rest of Europe)
Asia-Pacific (APAC) AI in BFSI Market
By offering
By technology
By end-use
By country (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (LATAM) AI in BFSI Market
By offering
By technology
By end-use
By country (Mexico, Brazil, Rest of LATAM)
Middle East and Africa (MEA) AI in BFSI Market
By offering
By technology
By end-use
By country (U.A.E, Saudi Arabia, Turkey, South Africa, Rest of MEA)
Read the full report: https://www.reportlinker.com/p05815903/?utm_source=GNW

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