The banking, financial services, and insurance (BFSI) sector is an industry term used to define companies that provide a range of financial products or services. The BFSI sector focuses on leveraging from artificial intelligence (AI) that will be introduced in areas such as payments, mobile banking, cybersecurity, customer experience, social banking, and branch automation. The global artificial intelligence in BFSI market is divided into seven regions, such as North America, Europe, South America, Asia Pacific, the Middle East, and Africa.
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Increasing demand for AI-powered chat assistants in the BFSI sector is expected to propel the global artificial intelligence in BFSI market growth during the forecast period. For instance, in July 2020, the Royal Bank of Canada teamed up with Nvidia and Red Hat to develop an AI-powered platform to improve the customer experience. Rising investment in AI is also expected to drive the market growth. Moreover, the growing adoption of AI to improve customer service is expected to fuel the global artificial intelligence in BFSI market growth.
Lack of technical skillsets or the limited number of AI experts is expected to hinder the global artificial intelligence in BFSI market growth.
The introduction of cloud-based AI services in the BFSI sector is expected to create growth opportunities in the market.
North America and the Asia Pacific are expected to witness robust growth in the global artificial intelligence in BFSI market due to rising implementation of AI-based solutions in the banking sector, as well as rapid digitization across the BFSI sector, in these regions. For instance, in September 2017, the State Bank of India and Payjo launched a chatbot, an AI-powered chat assistant to help customers in banking activities.
Key players involved in the global artificial intelligence in BFSI market are NVIDIA, Intel, Samsung Electronics, IBM, Xilinx, Micron Technology, Microsoft, Google Inc, Facebook, Baidu, Amazon Web Services, Oracle, SAS, Salesforce, SAP SE, Cisco, General Electric, Graphcore, Siemens, and Rockwell Automation.
In October 2020, Intel India planned to set up a research center for artificial intelligence (AI) to solve population-scale challenges.
In March 2018, IBM announced the launch of AI-powered Watson, an AI-powered chat assistant for businesses.