Technological Advancements, Strategic Partnerships, and Product Launches by Market Players such as OneMoney Group, and Others to Foster the Growth of the Global AI in BFSI Market

Artificial intelligence or AI is an area of computer science emphasizing on the creation of intelligent machines that perform tasks and work like humans. Hence, AI has become an essential part of technology, especially in the banking, financial services and insurance (BFSI) industry. AI technology has now become a core adaptation of multiple businesses in the financial institutions and other major finance industries. BFSI is one of the fastest growing industry verticals across the globe due to the increasing advancements in AI and machine learning (ML). The major application of AI in banking include bots, analytics, report generation, and robotic process automation (RPA).

COVID-19 Impact on AI in BFSI Market

The outbreak of COVID-19 across the globe has moderately impacted the global AI in BFSI market growth. The negative impact on the market is majorly owing to the lockdown restrictions which influenced global production, logistics, and supply networks, and also the continuity of operations in various industries.

However, the growing usage of technological advancements during the pandemic period is helping the market recover during the crisis period. Strategic approaches are being taken by numerous businesses to continue operations by bringing flexibility and scalability. Besides, the demand for AI in BFSI is estimated to rise in the post-pandemic period as companies seek to develop personalized relations with customers and enhance the customer experience.

AI in BFSI Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global AI in BFSI market growth in the upcoming years.

For instance, in January 2020, NSE, the leading stock exchange of India, announced the launch of ‘Knowledge Hub,’ an AI-powered learning eco-system which will assist banking & financial services sector in enhancing skills for their employees.

In October 2021, OneMoney Group entered into a strategic partnership with Eureka AI, an information technology company specializing in data analytics, artificial intelligence, and big data, in order to be a data gateway and bridge the data divide for real-time structured decision making, and helping the BFSI industry with technology and analytics solutions to enable faster lending decisions.

Forecast Analysis of Global Market

The global AI in BFSI market is projected to witness an exponential growth over the forecast period, owing to the increasing utilization of AI-based technologies like RPA natural language processing. Conversely, the lack of awareness among people and the privacy concerns associated with AI in BFSI are expected to hamper the market growth in the projected timeframe.

The growing demand for AI-based security features along with the rapid adoption of chatbot solutions in the retail & e-commerce, banking, and telecommunication industries are the significant factors and AI in BFSI market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global AI in BFSI market is expected to garner $84,337.5 million during the forecast period (2021-2028). Regionally, the Asia-Pacific market is estimated to the fastest growth by 2028, owing to the presence of technologically advanced APAC countries, such as China, India, Japan, and Singapore, which provide significant investment and income prospects.

The key players functioning in the global market include

1. Microsoft Corporation
2. Oracle Corporation
3. Amazon Web Services (AWS), Inc.
4. Salesforce.com
5. Avaamo, Inc.
6. Google LLC
7. Intel Corporation
8. Baidu, Inc.
9. Amelia
10. SAP SE.