The banking, financial services, and insurance (BFSI) sector is shifting from traditional methods to digitalization and deploying artificial intelligence (AI) in mobile banking, cyber security, payments, customer experience, social banking, and branch automation processes for higher operational efficiency. Due to the widening application base of AI technologies in financial institutions, the AI in BFSI market is predicted to demonstrate a CAGR of 37.2% during the forecast period (2019–2024).

At this, rate the market value will rise from $3,091.9 million in 2018 to $20,017.9 million in 2024. Currently, the AI in BFSI market is observing the trend of the usage of advanced AI-based data analytics to improve compliance and deal with fraudulent transactions. Moreover, AI algorithms find application in anti-laundering activities to reduce the time taken.

Additionally, features such as AI bots, biometric fraud detection analytics, and digital payment advisers are leading to an expanding customer base and high quality of services. Due to these factors, financial organizations are able to cut their operational costs and supplement their revenue. The technology segment of the AI in BFSI market is categorized into machine learning (ML), natural language processing (NLP), computer vision, and others.

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Amongst these, the NLP category is expected to showcase the fastest growth till 2024 due to the increasing utilization of this technology in text mining and back-office operations. Moreover, NLP helps in discovering customer behavior, by analyzing conversations regarding the services delivered by the organization to a customer and monitoring social media activity. Thus, the rising demand for NLP for predicting human behavior and enhancing customer service is adding to the market growth.