Artificial Intelligence In Banking Market Expected To Fuel Industry Growth With USD 33.53 Billion By

Author : Bella Kent | Published On : 01 Apr 2024

San Francisco, 1 April 2024: The Report Artificial Intelligence In Banking Market Size, Share & Trends Analysis Report By Component (Service, Solution), By Application (Risk Management, Customer Service), By Technology, By Enterprise Size, By Region, And Segment Forecasts, 2024 - 2030

The global artificial intelligence in banking market size is expected to reach USD 143.56 billion by 2030, growing at a CAGR of 31.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. AI's integration in banking offers personalized financial guidance, customized product suggestions, and customized services based on individual behaviors and preferences. By analyzing extensive data sets, AI enables banks to understand customers on a deeper level, enhancing the overall experience. This technology optimizes risk assessment, drives operational efficiency, strengthens security measures against fraud, and empowers data-driven decision-making, ultimately propelling the banking market forward through improved customer satisfaction, cost savings, and innovative service offerings.

Technological advancements serve as the engine propelling the banking market into new frontiers. Innovations such as artificial intelligence, machine learning, blockchain, and advanced analytics redefine traditional banking paradigms. Machine learning refines algorithms, enhancing accuracy in decision-making and customer service. Blockchain ensures secure, transparent, and efficient transactions. Moreover, mobile banking, contactless payments, and biometric authentication optimize convenience and accessibility. These advancements streamline operations, reduce costs, and also strengthen a more inclusive banking environment, satisfying diverse customer needs. As technology evolves, it continually transforms the banking landscape, driving efficiency, security, and customer-centricity.

Digital transformation in banking transcends mere technology adoption; it's a holistic transformation of the banking ecosystem towards agility, customer-centricity, and technological prowess. Its core objective is aligning with evolving customer needs enhancing operational efficiency and fortifying security standards. For instance, in June 2023, Infosys Limited signed a deal with Danske Bank, a Danish multinational banking and financial services corporation, to expedite its digital transformation endeavors and generate increased value for its customers through artificial intelligence (AI). The company has entered a five-year agreement valued at $454 million, with the option for renewal for an additional year, up to three times.

Access Research Report of Artificial Intelligence In Banking Market @ https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-banking-market-report

Artificial Intelligence In Banking Market Report Highlights

• The Risk Management segment is dominated the market with a significant market share in 2023. Effective risk management systems help prevent financial losses due to market fluctuations, credit defaults, operational failures, or cyber threats. This motivates financial institutions to invest significantly in robust risk management infrastructure
• The Natural Language Processing (NLP) segment has seized a substantial market share, asserting dominance in the industry as of 2023. NLP algorithms process vast amounts of financial news, reports, and social media data to predict market trends and sentiment analysis for investment decisions
• Banks in North America have access to vast amounts of consumer data, providing a rich source for AI algorithms to analyze and derive insights. This data abundance fuels the development of robust AI models for various banking applications
• The large Enterprise segment is dominated the market with a significant market share in 2023. Having extensive and diverse datasets enables large enterprises to train more accurate and sophisticated AI models. These models can better understand customer behaviors, predict trends, identify potential risks, and offer personalized services.
• Customers increasingly prefer digital and self-service options. AI-powered assistants fulfill this need, encouraging the adoption of technological advancements and positioning banks as innovative and customer-centric institutions
• The integration of AI-driven personalized recommendations and services in banking fundamentally transforms customer relationships, propelling market growth. Using individual spending behaviors, investment tendencies, and financial objectives, banks create customized solutions that perfectly match each customer's preferences and requirements

AI In Banking Market Report Scope

List of Key Players in the Artificial Intelligence In Banking Market

• Amazon Web Services, Inc.
• Capital One
• Cisco Systems, Inc.
• FAIR ISAAC CORPORATION (FICO)
• Goldman Sachs
• International Business Machines Corporation
• JPMorgan Chase & Co.
• NVIDIA Corporation
• RapidMiner
• SAP SE

Access Press Release of Artificial Intelligence In Banking Market @ https://www.grandviewresearch.com/press-release/global-artificial-intelligence-banking-market