Artificial Intelligence (AI) in Financial Services - Thematic Intelligence

This report provides a breakdown of the key challenges in the financial services industry, and how AI can help solve them. It includes an overview of the AI value chain, including leaders and challengers for each sub-segment. It offers a review of the leading adopters of AI in financial services, relevant specialist AI vendors for financial services, and leading cross-industry AI vendors. It also provides case studies showing AI use cases across the financial services industry. Market size and growth forecasts for AI are provided, along with analysis of alternative data including patent, company filing, and hiring activity.

The financial services sector has been experiencing significant digitalization in recent years. Artificial Intelligence (AI) has been a critical technology in this journey as it is used in both front and back-end operations. From customer engagement and loan provisioning to the automation of laborious back-end tasks, AI can help drive efficiency across financial institutions. Other applications of AI in financial services include predicting customer behavior, fraud detection, and risk management. AI is also being used to personalize banking by deploying chatbots on apps to handle customer queries. In the insurance sector, AI has provided a great opportunity for innovation due to less complex products and underwriting processes. Current non-life use cases span product development, risk assessment, and claims processing.

Scope

• AI has been crucial to the increased digitalization of the financial services industry as it can be used on many different fronts. For example, generative AI can be used to develop virtual assistants that provide personalized customer support. Using large language models, these virtual assistants can analyze financial data to provide tailored recommendations aligned with customers' financial goals and preferences.
• According to publisher forecasts, the total AI market will be worth $908.7 billion in 2030, having grown at a compound annual growth rate of 35.2% from $81.3 billion in 2022.

Reasons to Buy

• Understand AI and its current and future impact on the financial services industry.
• Learn how the deployment of AI can help with the key challenges the financial services sector faces.
• Identify the leading AI adopters and specialist AI vendors.