DataHorizzon Research
Advancements in digital technology and solutions have significantly bolstered the growth of the Generative AI in Fintech Market.
Fort Collins, Colorado, Feb. 19, 2024 (GLOBE NEWSWIRE) — The Generative AI in Fintech Market size valued at USD 1,084.9 Million in 2023 and is anticipated to reach USD 19,963.7 Million by 2032 at a CAGR of 38.2%.
Generative AI is a term used to describe the use of artificial intelligence tools in the financial sector to provide advanced services, such as streamlining financial and non-financial processes in banks. Additionally, generative AI can be used to identify and prevent fraudulent activities. These features ensure a seamless experience in the fintech domain.
Generative AI has become a buzzword in recent years due to its adoption in many areas, such as healthcare, pharmaceuticals, product development, research, and development. It uses historical data to create models that provide feasible solutions, generate new data as required, and summarize past data. Its popularity is growing, as it enables quick results with minimal inputs and investments. As a result of its creative outputs and improved customer satisfaction, several other industries are also adopting this technology.
Even financial institutions have recently adopted generative AI, expected to bring innovation and automation to the fintech industry. A significant factor contributing to its wider adoption, use, and scope in this sector is the massive data generation that occurs daily in banks and financial institutions. This data can benefit these companies by helping them better understand their customers and provide superior and personalized services if used effectively.
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Segmentation Overview:
The global generative AI in fintech market has been segmented into component, deployment, application, end-use, and region. On-premise generative AI systems are prevalent in fintech due to their benefits, such as improved data privacy, control, and security. They help organizations exercise complete control over their data and mitigate risks of data breaches. Compliance and fraud detection are the primary applications of generative AI, which can identify and restrict fraudulent activities and maintain regulatory measures for fintech companies.
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Generative AI in Fintech Market Report Highlights:
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Generative AI is a tool used in the finance sector to streamline processes and prevent fraud. It uses historical data to create models that provide feasible solutions, generate new data, and summarize past data. Its popularity is growing due to its creative outputs and improved customer satisfaction. Even financial institutions have adopted it to bring innovation and automation to the fintech industry. The massive data generation in the financial sector significantly contributes to its wider adoption, use, and scope.
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The United States holds the major share of the generative AI in fintech market in North America. Many fintech companies and banks are actively adopting generative AI and other AI tools due to growing government regulations and data privacy rules. Generative tools such as intelligent voice assistants and document verification steps are being implemented to verify client information and reduce the risk of fraud.
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Some prominent players in the Generative AI in Fintech market report include Alphabet Inc., Microsoft Corporation, IBM Corporation, Salesforce Inc., Adobe Inc., Trovata AI, Mostly AI Inc., OpenAI, Synthesis AI, Genie AI, and others.
Industry Trends and Insights:
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Binny Bansal, the prominent Indian entrepreneur and co-founder of the e-commerce behemoth Flipkart, has embarked on a new venture in artificial intelligence. His latest startup, which offers AI-as-a-service, aims to cater to a global clientele by providing advanced technology solutions to businesses looking to streamline their operations.
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Trovata has launched Trovata AI, the first AI-powered solution in the fintech industry to automate cash workflow and business intelligence for corporate finance, accounting, and treasury departments. The company plans to roll out a beta version of Trovata AI to a select group of customers starting in May.
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Generative AI in Fintech Market Segmentation:
By Component: Service and Software
By Deployment: On-Premise and Cloud
By Application: Compliance & Fraud Detection, Asset Management, Predictive Analysis, Insurance, Business Analytics & Reporting, Customer Behavioral Analytics, and Others
By End-Use: Retail Banks, Investment Banking, Hedge Funds, Stock Trading Firms, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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