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Global Artificial Intelligence in BFSI Market: Introduction

BFSI is one of the fastest growing industry verticals for adopting artificial intelligence. This is due to the growing advancement in artificial intelligence and machine learning across the globe in various industries. The ability of AI to respond to ambiguous real-world inputs probabilistically is one of its critical features in the BFSI industry. The major application of artificial intelligence in banking includes analytics; bots; robotic process automation (RPA); and report generation.

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Global Artificial Intelligence in BFSI Market – Dynamics

Increasing preference for personalized financial services

Customer preference varies widely in the current BFSI market scenario. Artificial intelligence has helped banks and financial institutions to customize and personalize their service according to the needs of customers. AI has helped financial institutions to reduce their long term cost by deploying bots for customer service.

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Unawareness and Poor System Infrastructure

South America and Asia Pacific which are fast growing regions, face strong technological and digital gaps within the BFSI industry. The level of awareness among small and medium financial institutions is comparatively low in countries such as India, and other Asian countries. The network infrastructure to smoothly run artificial intelligence in BFSI at remote locations is not very effective. Unawareness about artificial intelligence in BFSI and poor network infrastructure is thus hampering the growth of the market.

North America to Dominate the Global Artificial Intelligence in BFSI Market

In terms of region, the global artificial intelligence in BFSI market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the artificial intelligence in BFSI market during the forecast period due to its strong dominance in the artificial intelligence market across the globe.

COVID-19 Impact on the Global Artificial Intelligence in BFSI Market

The COVID-19 pandemic is expected to moderately impact the global artificial intelligence in BFSI market for a short-term period. The level of investment with regards to AI in BFSI has reduced due to the lockdown in almost every region, as it requires major capital investments. COVID-19 is expected to impact this market till the year end 2020.

Global Artificial Intelligence in BFSI Market – Competition Landscape

  • In July 2019, Barclays announced a partnership with AI startup Simudyne. Simudyne is highly specialized in agent-based modeling. The partnership has enabled the client to develop a thorough understanding of the possibilities and risks associated with lending to a given customer or making a given investment.


Simudyne was founded in year 2016 and is headquartered in London, U.K. Simudyne is a simulation technology company that offers organizations a new way to more effectively harness the power of agent-based modeling, AI, and machine learning. Major clients of the company include global banks, regulators, and exchanges.

Global Artificial Intelligence in BFSI Market: Segmentation

The global artificial intelligence in BFSI market can be segmented based on:

  • Component
  • Application
  • Region

Global Artificial Intelligence in BFSI Market, by Component

Based on component, the global artificial intelligence in BFSI market can be divided into:

  • Hardware
  • Solution
  • Services

Global Artificial Intelligence in BFSI Market, by Application

In terms of application, the global artificial intelligence in BFSI market can be segregated into:

  • Analytics
  • Bots
  • Robotic process automation (RPA)
  • Reporting & Compliance

Regional analysis of the global artificial intelligence in BFSI market includes:

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Artificial Intelligence In Bfsi Market