"The intense competition for customers and business—combined with the impact of the COVID-19 pandemic—is helping to accelerate the timing of artificial intelligence (AI)-powered automation projects across customer-facing, backend, and fraud and security processes. Demand for self-service and always available access to new products and existing financial accounts has led to a growing utilization of AI and machine learning (ML) solutions. These solutions allow more robust engagement with customers, more efficient processes and operations, and a more streamlined approach to doing business.
The financial services industry has been an early adopter of analytics and big data for years. Banks, credit unions, investment firms, and fintech companies have been among the leaders in utilizing AI. But mindful of deployment costs, ROI, and regulatory concerns, AI is also being rolled out by enterprise financial services companies. The financial services industry is projected to incorporate AI technology over a number of use cases that are focused on process optimization, predictive analytics, customer interactions, anomaly detection, and customer experience. Omdia forecasts that AI software revenue for financial services use cases will grow from $2.0bn in 2020 to $9.1bn in 2025.
This Omdia Focus Report looks at the following market issues surrounding AI applications within the financial services industry: drivers, barriers, revenue forecasts, key players, and use cases. Omdia identifies 24 use cases that will affect the industry between 2020 and 2025 and provides in-depth analysis of each use case, covering the applications, technologies, and metrics for success. The report and forecast also address the impact of the COVID-19 pandemic, which has spurred more demand for AI and automation, on the financial services market."