DUBLIN, Nov. 25, 2024 (Globe Newswire) — The “Artificial Intelligence (AI) in FinTech – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for artificial intelligence (AI) in fintech is estimated to be USD 22.5 billion in 2023 and is projected to grow at a CAGR of 19.8% from 2023 to 2030, reaching USD 79.4 billion by 2030. Masu. This comprehensive report provides detailed information. Analyze market trends, drivers, and forecasts to help make informed business decisions.
Artificial intelligence (AI) is revolutionizing the financial services industry, transforming the way financial institutions process core operations, reduce risk, and ensure regulatory compliance. Traditionally, financial operations have relied on manual processes and regular reviews to assess risk, leaving room for inefficiencies and human error.
Now, AI-powered algorithms process large datasets in real-time to identify patterns that reveal hidden risks and flag anomalous transactions that may indicate fraud. Machine learning models are particularly useful for credit scoring, which analyzes a borrower’s financial behavior to determine creditworthiness more accurately than traditional methods.
What is driving the growth of AI in the fintech market?
The growth of AI in the fintech market is being driven by several factors, including technological advances, evolving consumer expectations, and demand for increased security and regulatory compliance. The proliferation of digital banking and online financial services has created a need for AI-powered tools that can efficiently manage, analyze, and protect large amounts of financial data. Growing consumer demand for personalized and convenient financial services has led fintech companies to embrace AI-driven recommendation engines, virtual assistants, and robo-advisors to provide customized financial solutions.
Advances in machine learning and natural language processing are further enabling real-time insights and customer interactions, which are critical to increasing engagement and satisfaction in competitive markets. Additionally, the rise in cyber threats is driving the need for robust AI-driven cybersecurity solutions that provide proactive threat detection and fraud prevention capabilities not possible with traditional methods.
Regulatory pressure is another driver of growth, as the power of AI improves the accuracy of reporting and compliance processes, allowing financial institutions to meet strict standards and avoid costly fines. As strategic partnerships between fintech companies and tech giants fuel innovation, AI has become integral to the fintech ecosystem, meeting demands for efficiency, security, and personalized service delivery.
Can AI personalize and improve customer experience in fintech?
AI-driven solutions will significantly improve customer experience in the fintech space, providing personalized services and a more seamless banking experience. Chatbots and virtual assistants powered by natural language processing (NLP) interact with customers 24 hours a day, answering questions, guiding them through processes, and even offering financial advice tailored to their spending habits. For example, Bank of America’s Erica and Capital One’s Eno are AI-powered assistants that help customers manage transactions, monitor account activity, and reach savings goals for a highly personalized banking experience.
Additionally, the AI ​​recommendation engine analyzes users’ financial behavior and transaction history to provide insights and product suggestions tailored to users’ financial needs. Similar to robo-advisors offered by companies such as Wealthfront and Betterment, robo-advisors offer personalized investment advice and portfolio management based on an individual’s financial goals and risk tolerance, democratizing wealth management for a wider audience. Masu. Through these technologies, AI will reimagine customer engagement in fintech, delivering personalized, accessible, and responsive services that foster loyalty and trust.
How will AI revolutionize fraud detection and cybersecurity in financial services?
In the digital age, cybersecurity and fraud detection are paramount for financial institutions, and AI plays a central role in addressing these critical areas. As cyber threats become increasingly sophisticated, AI-powered systems with machine learning and deep learning algorithms are essential to detect anomalies that may indicate fraudulent activity or cyber attacks. Traditional rules-based systems often struggle to keep up with evolving threats, but AI continuously learns and adapts, identifying patterns and potential vulnerabilities in real-time.
Companies like Darktrace and Palantir employ AI-driven cybersecurity systems that identify, respond to, and contain threats before they cause significant damage, helping agencies protect sensitive customer data and ensure regulatory compliance. We support you to do so. AI-powered fraud detection solutions analyze large amounts of transaction data to alert you to anomalous behavior and stop fraudulent transactions before they occur. By leveraging AI in this way, financial institutions can not only protect assets, but also maintain consumer trust, which is essential in an increasingly digital financial environment.
Why you should buy this report:
Detailed Market Analysis: Access a thorough analysis of the global Artificial Intelligence (AI) in FinTech market covering all major geographic regions and market segments. Future trends and drivers: Understand the key trends and drivers shaping the future of global artificial intelligence (AI) in the fintech market. Actionable insights: Help you identify new revenue opportunities and make strategic business decisions.
Key insights:
Market Growth: Understand the significant growth trajectory of the Solution Components sector. This segment is expected to reach USD 42.9 billion by 2030 at a CAGR of 18.7%. The service components segment is also expected to grow at a CAGR of 21.2% during the analysis period. Regional Analysis: Gain insight into the US market, estimated at $6.4 billion in 2023, and the China market, expected to grow at an impressive CAGR of 19.4% to reach $12.5 billion. 1 billion people by 2030. Review growth trends in other key regions such as Japan, Canada, Germany, and Asia Pacific.
Report features:
Comprehensive market data: Independent analysis of annual sales and market forecasts (USD million) from 2023 to 2030. Detailed regional analysis: Detailed insights into key markets including the US, China, Japan, Canada, Europe, Asia Pacific, and Latin. America, Middle East, Africa. Company Profiles: Amazon Web Services, Complyadvantage.Com, Google, IBM, Inbenta Technologies, and more. Free Updates: Receive 1 year of free report updates to stay on top of the latest market trends.
Key attributes:
Report attribute details No. Number of pages 192 Forecast period 2023 – 2030 Estimated market value in 2023 (USD) 22.5 billion dollars Predicted market value by 2030 (USD) 79.4 billion dollars Average annual growth rate 19.8% Target region World
Main topics covered:
Market overview
Influencer Market Insights Global Market Trajectory Global Economic Updates Artificial Intelligence (AI) in FinTech – Market Share of Major Competitors Globally (2024) (E) Competitive Market Presence – Powerful/Active/Niche/Mediocre (E) for players around the world in 2024
Market trends and drivers
Increasing demand for automation and efficiency is driving the growth of AI in fintech Increasing focus on fraud detection and prevention is driving AI adoption in financial services How AI-powered customer insights can help Learn how AI can enhance the personalization of fintech applications Advances in machine learning improve the accuracy of credit scoring and risk assessment Growing demand for real-time financial insights Expanding Markets to Lead Analytical Increasing Importance of Compliance and Regulatory Adherence Accelerates the Use of AI in Fintech See How Chatbots and Virtual Assistants Improve Customer Service in Financial Applications Into Algorithmic Trading Increased focus on AI will expand the role of AI in wealth management Advances in natural language processing will enable AI to enhance customer interactions in fintech Personal financial management tools will drive AI adoption in consumer fintech Here’s how to promote AI Predictive analytics leverages power to strengthen risk management in financial services Expansion of digital-only banks supports growth of AI-powered fintech solutions Rising interest in financial inclusion expands market for AI in microfinance and lending Cybersecurity and Driving innovation in AI for secure financial transactions with a focus on data protection
Focus on selected players: Some of the 239 companies profiled in this global Artificial Intelligence (AI) in FinTech market report include:
Amazon Web ServicesComplyadvantage.ComGoogleIBMinbenta TechnologiesIntelIpsoftMicrosoftNext It Corp.Nuance CommunicationsNarrative ScienceSalesforce.ComSamsung
For more information on this report, please visit https://www.researchandmarkets.com/r/4opn5z.
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Artificial intelligence (AI) in the fintech market
