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Ai In Fintech Market

AI in Fintech Market by Component (Solution, Services), by Deployment Mode (On-premise, Cloud), by Application (Virtual Assistants (Chatbots), Business Analytics and Reporting, Customer Behavioral Analytics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

A16644
Pages: 382
Jul 2022 | 349 Views
Author(s) : Aarti Goswami , Vineet Kumar
Tables: 176
Charts: 64
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COVID-19

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AI In Fintech Market Research, 2031

The global AI in Fintech market size was valued at $8.23 billion in 2021, and is projected to reach $61.30 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.

The adoption of artificial intelligence (AI) by several industries, such as banks and financial institutions has boosted the growth of the market during the pandemic. The COVID-19 has rapidly accelerated the mainstream adoption of digital payment methods. In addition, consumers wanted an efficient and better user experience, as well as easy, automatic, and widely accepted new payment methods during the pandemic.

AI has proven to be such a success in the Fintech sector as it provides a massive boost to security. AI in cyber security generally comes in the form of chat-bots that convert frequently asked questions into simulated conversations. In addition, they can reset forgotten passwords or grant additional access where necessary. Moreover, customer service is one of the most prominent areas of Fintech that has been improved by artificial intelligence. The increasing sophistication of artificial intelligence has resulted in chatbots, virtual helpers, and artificial intelligence interfaces that can reliably interact with customers. The ability to answer basic queries offers massive potential in reducing front office and helpline costs.

AI in Fintech offers personalized financial advice to help users achieve their financial goals. This personalization is possible, primarily due to AI-powered Fintech innovations. Moreover, AI in Fintech provides improved customer services with the help of chatbots, virtual helpers, and artificial intelligence interfaces that can reliably interact with customers. Furthermore, AI in Fintech helps in fraud detection, which is a major concern in the Fintech industry. Therefore, these are some of the factors propelling the market AI in Fintech market growth. However, the finance and banking sectors are regulated by strict laws that ensure fair play and compliance with tax codes. However, AI analytics for financial services is different from traditional, human-powered analytics because it cannot be used for regulatory reporting. In addition, exclusivity of AI in Fintech are some of the major factors limiting the growth of the AI in Fintech market. On the contrary, Fintech companies from digital banks to payment gateway providers and stock-trading apps are increasingly harnessing the power of AI for fintech crypto to automate workflows, improve decision making, and add value. Therefore, this is a major factor expected to provide lucrative AI in Fintech opportunity in the coming years.

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The ai in fintech market is segmented into component, deployment mode, application, and region. By component, it is segmented into solution and services. The solution segment is further bifurcated into software tools and platforms. The software tools segment is further divided into data discovery, data quality and data governance, and data visualization. The services segment is further divided into managed services and professional services. By deployment mode, it is bifurcated into on-premises and cloud. By application, it is segregated into virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, and others. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.

AI in Fintech Market
By Application

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Virtual Assistants or Chatbot is an artificial intelligence (AI) computer software program known as digital assistance that simulates online chat or via text-to-speech using different languages through a website, messaging apps, or a telephone. Chatbot is designed to understand human skills. It further interprets the user request and provides a prompt solution.

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By application, the virtual assistant (chatbots) segment attained the highest growth in 2021. This is attributed to the fact that chatbots have become an intelligent solution for the significant financial and banking industry. They have eliminated long queues at their branches, saving time and energy, giving customers the liberty to get the work done from anywhere without compromising on safety. Therefore, this is a major propelling factor for the growth of the virtual assistants or chatbots in the AI in Fintech market outlook.

AI in Fintech Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

North America attained the highest AI in Fintech market share in 2021. This is attributed to the fact that the vast majority of financial advisors in North America believe that artificial intelligence (AI) and machine learning in fintech expected to transform the Fintech sector and help drive the business growth. Furthermore, against increasingly challenging market conditions, AI has the potential to help Fintech sustain and drive new growth, by creating operating efficiencies and transforming the customer experience through more hyper-personalized insights and products.

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Region-wise, North America attained the highest growth in 2021. This is attributed to the fact that the vast majority of financial advisors in North America believe that artificial intelligence (AI) is expected to transform the Fintech sector and help drive the business growth. Furthermore, against increasingly challenging market conditions, AI has the potential to help Fintech sustain and drive new growth, by creating operating efficiencies and transforming the customer experience through more hyper-personalized insights and products.

The report analyzes the profiles of key players operating in the AI in Fintech market, such as Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI in Fintech market.   

COVID-19 impact analysis

The COVID-19 pandemic had a positive impact on the AI in Fintech market, since most of the Fintech companies adopted technology as Artificial intelligence is helping Fintech companies  by making both credit repair and credit monitoring faster and more accurate, thus providing customer satisfaction. From process automation to using biometric identification to reduce credit fraud, AI is fueling improvements that deliver better results for consumers while also helping the Fintech industry leaders operate more efficiently and profitably. Moreover, many Fintechs have experienced a surge in demand as working practices and customer banking habits changed during the COVID-19 period. The advent of AI-based financial services, has created faster, more efficient, and typically cheaper banking as compared to traditional financial services. Thus, COVID-19 had a positive impact on the AI in Fintech market.

Top impacting factors

AI in Fintech provides improved customer services

Customer service is one of the most prominent areas of Fintech that has been improved by artificial intelligence. The increasing sophistication of artificial intelligence has resulted in chatbots, virtual helpers, and machine learning in fintech interfaces that can reliably interact with customers. The ability to answer basic queries offers massive potential in reducing front office and helpline costs. Moreover, each chatbot uses a complex sentiment analysis, which is possible due to artificial intelligence. This sentiment analysis focuses on understanding the customer’s experience with the Fintech service/application, identifying ways it falls short and training the chatbot itself to address those shortfalls. AI-powered chatbots make communication between a customer and a bank easier and more accessible. They use automated scripts to resolve simple complaints. With the help of chatbots, some banking institutions are growing their customer network. For instance, in 2020, Bank of America generated over one million new clients in two months after introducing their chatbot. Therefore, this is one of the major driving factor of the AI in Fintech industry.

AI in Fintech is unregulated

The finance and banking sectors are regulated by strict laws that ensure fair play and compliance with tax codes. However, AI analytics for financial services is different from traditional, human-powered analytics because it cannot be used for regulatory reporting. The reason is that, it is not possible to extract the propensity model from the neural network to show to the regulator. This barrier to legal regulation of Fintech when AI is used may lend itself to law-breaking and corruption by the financial institution, either intentionally or unintentionally. Therefore, this is a major factor limiting the growth of the market.

AI recognized as being more powerful than traditional data analytics capabilities of financial institutions

Fintech companies from digital banks to payment gateway providers and stock-trading apps are increasingly harnessing the power of AI to automate workflows, improve decision making and add value. In addition, AI is expected to become more and more prevalent in the financial sector, as it is used on a daily basis to aid productivity and help in decision making. Moreover, AI holds a great potential in the AI in Fintech industry. It can help in many ways to empower the organization to improve efficiency, reduce costs, and automate processes. Therefore, these factors are expected to provide major lucrative opportunities for the growth of the AI in Fintech market in the upcoming years.

Key benefits for stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in Fintech market analysis from 2021 to 2031 to identify the prevailing AI in Fintech market opportunity.
  • In-depth analysis of the AI in Fintech market share assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global AI in Fintech market forecast.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global AI in Fintech market trends, key players, market segments, application areas, and market growth strategies.

 

Key Market Segments & Key Market Players

Segments Sub-segments
Component
  • Solution
  • Services
Deployment Mode
  • On-premise
  • Cloud
Application
  • Others
  • Virtual Assistants (Chatbots)
  • Business Analytics and Reporting
  • Customer Behavioral Analytics
By Region
  • North America  (U.S., Canada)
  • Europe  (United Kingdom, Germany, France, Spain, Russia, Netherlands, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Singapore, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, TIBCO Software, Inc.
 

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The term FinTech, or financial technology, refers to the combination of advanced technologies and financial services to improve or automate banking and investment operations. Artificial intelligence (AI) is widely used in financial institutions for detecting and preventing frauds through digital banking channels. It involves digital lending, credit scoring, mobile banking, asset management, insurance, and trading processes. In addition, AI is also used in FinTech to run robo-advisors, which offer financial planning services based on the goals, risk tolerance, financial situation, budget, and spending patterns of the clients. Moreover, it also identifies any personally identifiable information (PII) leaked on the dark web and undertakes necessary actions to secure the data.

The evolution of AI-powered platforms is transforming the FinTech industry in new ways with the rise of conversational artificial intelligence. The old process of continually connecting consumers to a live agent in customer care is becoming obsolete. While human agents are still important and available to deal with increased customer concerns, more and more financial institutions are opting to implement specialized software to deal with basic customer service issues. In addition, conversational AI, such as the one created by Aisera, is designed to operate in sync with employees, establishing an integrated, more efficient, faster customer service experience. Furthermore, natural language processing (NLP) technology is advancing quickly. For instance, Aisera’s solutions understand more than five billion intents and one trillion phrases across 74 languages. This ability of Aisera is to not only provide faster customer service but to engage with customers. It balances emotions and language, which makes Aisera a tool that satisfies more than just the speed of the customer interaction. Some of the key players profiled in the report include, Amazon Web Services, Inc., Cisco Systems, Inc., ComplyAdvantage, Cognizant, Capgemini, FICO, Google, Hewlett Packard Enterprise Development LP, HCL Technologies Limited, IBM, Intel Corporation, Inbenta Holdings Inc., Microsoft, Oracle, Saleforce, Inc., SAP SE, and TIBCO Software, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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FREQUENTLY ASKED QUESTIONS?

A. The global AI in Fintech market size was valued at $8.23 billion in 2021, and is projected to reach $61.30 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.

A. the market value of AI in Fintech Market by the end of 2031 is projected to reach $61.30 billion.

A. The Fintech industry is distinguished by its high degree of innovation within a complex ecosystem that includes, financial service providers and start-ups. Furthermore, in recent years, AI for fintech crypto has been adopted by various Fintechs for strategic decision making, customer insights, understanding consumer purchasing behavior, and improving the digital transaction experience.

A. Cisco Systems, Inc., Oracle, IBM, and Saleforce, Inc. are the leading players in AI in Fintech Market.

A. The AI in Fintech market is segmented on the basis of component, deployment mode, application, and region. By component, it is segmented into solution and services. The solution segment is further bifurcated into software tools and platforms. The software tools segment is further divided into data discovery, data quality and data governance, and data visualization. The services segment is further divided into managed services and professional services. By deployment mode, it is bifurcated into on-premises and cloud. By application, it is segregated into virtual assistants (chatbots), business analytics and reporting, customer behavioral analytics, and others. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.

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