InForGrowth, a Market research company has published a report on AI in Fintech industry and its scope and challenges in 2020-2025. Report highlights current market situation, upcoming future chances & developments. Global Covid-19 pandemic is redefining business strategies across the world and Fintech companies are able to perform well during this time. This makes a promising future for fintech companies and the report includes its impact analysis.
AI in Fintech market has started seeing a consolidation with respect to market designs, cost structure, bargains, movement and measuring of the business. The major players in this field are Microsoft, Google, IBM, Intel, Amazon Web, Ant financial services and the list goes on. Developments and investments in Fintech is anticipated to increase in the next years as more people are set to prefer contactless payments.
Rising economies are facing new challenges in their developments and energetic advancements with continuous innovations are needed to achieve the affordable objectives of the future. Report focuses on the AI in Fintech market in worldwide market particularly in Asia-pacific, Europe, Middle east, North America, South America and Africa.
According to the research report global Fintech market will record annual growth rate of nearly 25% until 2022 with a net worth of $309.98 billion from $127.66 billion in 2018. Fintech companies are receiving large investments and expanding their operations to next levels including insurance services and personal loans. Application of AI and cyber defences are enhancing the popularity and reach of fintech to the people. Fintech is now becoming broad and includes business analytics, customer behavioural analytics, application of chatbots and in the future we can see application of blockchain technology.
Application of AI in fintech would be as given below:
- AI will be beneficial to fintech in taking data driven accurate management decisions at low cost.
- Automation or chatbots saves time and money and will deliver human-like customer experiences at low cost.
- AI and Machine learning tools can identify behavioural patterns in the data and recognize fraudulent claims and incidents easily.
- AI can also help in Insurance management where the processes and data will be analysed within a short period of time and provide better decisions to the customers.
- Automated financial assistants can assist and help users in taking financial decisions including stock, bond prices, and financial goals.
- Smart wallets use AI to monitor and learn the user’s behaviour and actions in their spending and consumption.
Fintech is growing rapidly and will have a promising future, as tech giants are also entering in this field and investing a lot. This increases the competition and may lead to the consolidation of small companies. Google, Amazon, Alibaba have already entered the fintech market. Alibaba’s Ant financial services is now the largest Fintech company in the world and is expecting huge growth in the coming years. Social media giant, Facebook is also planning to introduce payment system in their social media platform WhatsApp. Post Covid-19 will see the emergence of AI and application of AI in Fintech saves time, money and provide better return on investments.