Artificial Intelligence In Fintech Industry Overview
The global Artificial Intelligence in fintech market size was valued at USD 9.45 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030.
Fintech, or financial technology, applies modern technology to financial services to improve or automate banking and investing activities. Artificial intelligence (AI) is widely used in financial organizations to detect and prevent fraud through digital banking channels. Mobile banking, digital loans, insurance, credit scores, purchasing and selling operations, and asset management are all included. AI technology can determine a customer’s typical behavior by monitoring how they interact and considering their transactions.
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For instance, in May 2022, Brightwell Payments, Inc., a financial services company that develops financial solutions to move money anywhere across the world securely, announced the release of ARDEN. This AI-powered risk-detection engine assists fintech in protecting its cardholders and financial assets. Worldwide, banks are deploying AI-enabled solutions to increase security, and AI gives banks the benefit of digitization. Also, it helps them compete with other fintech players. Financial companies offer apps that require UPI, a fingerprint, or facial recognition to access. For instance, in March 2022, according to the National Payments Corp. of India, a specialized department of the Reserve Bank of India, the Unified Payments Interface (UPI), an AI-enabled platform, was created to handle 5.58 billion transactions.
UPI is presently one of the country’s most popular digital payment solutions, and the system was designed to allow payments to be completed in seconds. Financial firms use AI to manage and evaluate data from many sources to deliver essential insights. Such creative findings assist banks in tackling the problems they confront when offering services, such as payment processing and loan administration. Many banking applications provide tailored financial advice to help users reach their financial goals, track their expenses and income, and carry out other financial tasks. This personalization is made chiefly feasible by AI-powered fintech breakthroughs.
For instance, in December 2021, a survey conducted by Tableau, a U.S.-based technology company, stated that 32% of fintech companies already use AI technologies, such as voice recognition, predictive analytics, virtual agents, and biometrics. However, AI is utilized in financial services to protect their customer’s personal information. AI plays a significant role in protecting against fraudulent instances by rapidly reviewing massive algorithms. AI also aids in the analysis of consumer details who do not have a credit history or whose credit history has been deleted. Peer-to-Peer (P2P) organizations examine their potential customer’s behavior and identify the risks associated with working with that specific consumer.
This expanding range of applications is considered the primary driver of AI adoption in the fintech sector. For instance, in May 2022, Laze Trader Pte. Ltd., a Singapore-based fintech firm, announced the release of Lazeer AI, its AI trading program designed to help Forex traders achieve consistent profits with no effort. The trading software can automatically analyze, manage, and execute trades. Because of its auto-trading capability, the software eliminates the need for human traders, allowing more users to benefit even without any trading skills. The company hopes to offer Forex trading to as many individuals as possible.
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Market Share Insights
- April 2022: Gupshup, a central conversational messaging platform, announced the purchase of Active.Ai, a private finance firm specializing in AI. The acquisition boosts Gupshup’s Customer Experience (CX) offerings for BFSI clients.
- November 2021: Paytm, an Indian multinational financial technology provider, announced the launch of a new feature, ‘Voice Trading’, driven by AI, which allows customers to acquire stock information or place a trade with a single voice command.
Key Companies profiled:
Some prominent players in the global artificial intelligence in fintech market include
- Microsoft
- Google LLC
- Salesforce, Inc.
- International Business Machines Corp.
- Amelia US LLC
- Nuance Communications, Inc.
- com
- Narrative Science
- Affirm, Inc
- Upstart Network, Inc.
- Instructure, Inc.
- Intel
- Inbenta Technologies
- Amazon Web Services
- Oracle
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