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The fintech industry has witnessed explosive growth underpinned by the revolutionary shifts in mobile technology and internet connectivity. Artificial Intelligence (AI) and machine learning (MI) have benefited fintech and banks to process a vast amount of information about customers. All the information related customer’s financial health are collected to obtain results about products and sustainable/services that customer want.
The increasing demand for process automation in financial enterprises contributes to the growth of the market. Similarly, cognitive process automation helps AI performing even more complex automation processes. Due to the wide usage of AI and MI in fintech, it has become an essential part of financial services within a short time.
The outbreak of COVID 19 affected the market growth as many retailers continue to face problems. Many merchants implemented point of sale financing alternatives for potential growth. Merchants are using current data like a bank account for underwriting. Still, these players are also using AI-based models to access consumer behavior based on the transaction made or by their product purchase.
Key Market Driver -
• Increasing awareness about process automation among financial organizations to boost the market growth • Technological Interventions in the Finance Industry such as MPOS, mobile wallets, cryptocurrencies to expand the market size
Key Market Restraint -
• Data privacy, compatibility and legacy are likely to restrict the market growth
The major AI in Fintech vendors includes Microsoft Corporation, Google, Salesforce.com, IBM Corporation, Intel Corporation, Airtrends, Amazon Web Services, EdgeVerve Systems Limited, Inbenta Technologies, IPsoft, Nuance Communication, Samsung, Next IT Corporation, and ComplyAdvantages, among others.
Collaboration, mergers, partnerships, and acquisitions are some of the business strategies that market players embrace to enhance their market presence. For instance, in April 2020, IBM Corporation signed an original equipment manufacturing (OEM) agreement with Fenergo, provider of customer journey and client lifecycle management (CLM) solutions for financial institutions headquartered in Dublin, Ireland. The agreement allows both companies to collaborate on solutions. Through this agreement, the companies aim to help enterprises to detect and address financial risks faced by them.
Geographically, North America is expected to have significant growth in the market due to the adoption of most AI in fintech solutions, its strong economy, and investment made by government and private enterprises for the development and growth of research and development. For example, Canada’s fintech ecosystem is continuously evolving. Canada has approximately 700 fintech, with 18 that were founded in 2020. The fintech market is driven by the large number of startups that are offering AI-based services to financial sectors. Main applications include business analytics and reporting, virtual assistant and customer behavioral analytics, etc.
Whereas, Asia Pacific is anticipated to be the fastest-growing sector in the fintech market due to rapid expansion of domestic enterprises and higher technological advancement in the region. Further, Europe is also witnessing significant growth in the sector due to the wide adoption of fintech, digital ecosystem, and public sector investments in the region. For instance, UK has invested Euro 17.3 Mn in digital strategy, supporting the adoption of robotics and artificial intelligence (RAI) technologies in universities across the UK. Further, Euro 84 Mn was announced in November 2017 for robotics and AI research.
Further, the Middle East and Africa face the downfall of the fintech market due to lack of capital, quality of their infrastructure, and limited digital adoption. The most advanced countries in the fintech market are Dubai and Bahrain across the region. For instance, Dubai’s AI Roadmap partnership with IBM and has established the first AI Lab. This partnership has harnessed the power of machine learning and AI for city and government services and experiences. These factors are likely to support the market growth across the region.
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