AI applications will expand in the global banking, finance, and insurance sectors.

The application of AI in the banking, finance, and insurance sectors is projected to experience steady growth.

According to a 2022-2032 report by Global Market Insights (USA), the market value of AI in the BFSI sector reached $20 billion in 2022 and is expected to reach $100 billion by 2032, with an average growth rate of 20% per year.

Some of the key technology companies currently offering products on the market include Avaamo Inc, Cape Analytics LLC, Amazon Web Services Inc, IBM Corporation, Oracle Corporation, Microsoft Corporation, Google, and Baidu Inc.

Some of the first BFSI organizations to use chatbots and voicebots include Bank of America, Commonwealth Bank of Australia, MasterCard, Capital One, and OCBC Bank Singapore. BFSI organizations are often outsourcing these technologies, as in-house development can lead to higher overall costs.

Risk monitoring companies are using AI frameworks to record audio and video of interactions between customers and bankers, and to examine documents typically scrutinized by auditors. For example, the Danish bank Danske implemented an AI framework that improved its fraud detection rate by 60%.

Additionally, PayPal has developed a fraud detection tool using open-source tools that work by combining data mining, machine learning, and human expertise to help detect fraud.

Banks and financial institutions are using AI technology to personalize customer experiences and enhance their services. Beyond these basic applications, AI can also improve support efficiency and help reduce fraud and security risks for banks. This trend is gaining momentum globally, with a focus on leading regions such as North America, Europe, Asia- Pacific , South America, the Middle East, and Africa.

As technology continues to evolve and investment in AI continues to increase, the next decade is expected to bring tremendous growth opportunities for AI in the BFSI market. However, the field will also face certain challenges that need to be overcome, particularly issues related to security and compliance; transparency, interpretability, and reliability; classified databases; economic foundations and social security guarantees…

Overall, AI in the BFSI market is poised for significant growth, driven by advancements in technology and increased investment. The next decade holds great potential for this dynamic industry.

(according to Gminsights)

Source: https://vietnamnet.vn/ung-dung-ai-se-mo-rong-trong-linh-vuc-ngan-hang-tai-chinh-va-bao-hiem-toan-cau-2203927.html