One of the major technological advancements that has happened in the past few years is the development of artificial intelligence (AI). Since AI exhibits human like tendencies, to some extent at least, it is being widely utilized in a number of industries for automating processes and increasing productivity. Owing to the advantages of AI, the banking, financial services, and insurance (BFSI) industry is also making its extensive usage.

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A major problem faced by the BFSI industry is that of low customer retention. Therefore, the industry is increasingly utilizing AI-based solutions for enhancing customer engagement. Among the various AI solutions, the demand for chatbots was the highest in the past due to the surging need for personalized services for customers in financial institutions and banks, in order to enhance customer experience.

As per a PS Intelligence report, the global AI in BFSI market is projected to generate a revenue of $20,017.9 million by 2024, rising from $3,091.9 million 2018, advancing at a 37.2% CAGR during the forecast period (2019–2024). Both solutions, including fraud detection, chatbot, data analytics visualization, customer behavior tracking, and customer relationship tracking, and services, including managed and professional, are offered under AI.

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Between these, the demand for AI solutions was higher in the past, which is because of the rising need for personalized services, increasing demand for analyzing customer behavior, shift from conventional to digital banking, and need for providing users with customized products. 

Different AI technologies that are used in the BFSI industry are computer vision, natural language processing (NLP), and machine learning. Out of these, the demand for machine learning was the highest in the past, which is ascribed to the fact that this technology is widely being utilized for developing algorithms that can help in decreasing operational costs for banks, while increasing efficiency.