Artificial Intelligence (AI) is a branch of Computer Science that pursues computers, machines and software to exhibit intelligence as human beings to perceive the environment and act accordingly in problem solving or performing a task successfully. The deployment of AI into Fintech is growing at a greater pace owing to the existed bounds such as limited database and time and cost of transactions. Digital transformations and banking regulations posed by government in various countries such as India are the major drivers for the market.
This report on Artificial Intelligence in Fintech segmented the market by product, intelligence type, device and application. AI is used in various applications such as credit scoring or lending, quantitative & asset management, insurance, fraud detection and others. The market is further classified by product into Kiosk machines, bill collectors, card readers, thermal pointers and others. The machines exhibit various kinds of human intelligence such as visual perception, social intelligence, planning and others. Peer-to-peer money lending, fraud detection, loan recovery, debt management and business finance and expense reporting are some of the major applications of AI in Fintech.
The market is segmented by geography into Americas, Europe, APAC and RoW. Americas region holds major share on the market owing to the large number of startups and emerged companies offering AI services to financial services. However, the growing banking sector and digitalization reforms in countries like India and China increased the deployment of AI in financial sector driving APAC region to emerge as the fastest growing region.
The Key players in the market that are cited in the report are Google, Inc. (U.S.), Salesforce.com, Inc. (U.S.), Facebook, Inc. (U.S.) and Baidu, Inc. (China).
Fintech may be in any form from simple applications or processes to innovative products and business models. The advantages of AI boosting its penetration into Fintech include the capability to manage properties, organize operations, fraud detection and loan recovery. . AI also provides solutions for mitigating and identifying cyberthreats and client onboarding. The usage of AI into Banks is coupled with the extended benefits such as back office operations, customer experience, compliance and risk management. The high end capabilities of AI and fast and secure business needs are the major driving factors for the market. The boundless growth in data management and advancements in technologies such as machine learning algorithms and cloud computing are expanding the use of AI in financial services.
The methodology followed in estimating the Renewable Materials Market in Construction involved demand in various applications. The segmentations have been cross-mapped extensively to understand various market dynamics. Simultaneously, the companies involved at integration and distribution level were also studied from the perspective of their services, geographical presence, annual turnover and few other parameters to substantiate the estimations. All these estimations were further validated through primary research and industry experts.