Artificial Intelligence (AI) in Financial Services – Thematic Intelligence
All the vital news, analysis, and commentary curated by our industry experts.
AI in Financial Services Thematic Report Overview
The financial services sector has been experiencing significant digitalization in recent years. AI has been a critical technology in this journey towards digital transformation as it is used in both front and back-end operations. Investment in AI by financial services players is crucial to remain competitive. With significant digital expertise, these companies are drawing on AI technologies to offer more personalized experiences and cheaper services. AI use cases range from enhancing customer interactions through chatbots to providing better loan terms through data-driven risk assessments and the automation of laborious back-end processes. Additionally, AI technologies can enhance claims processing and underwriting in the insurance sector.
The Artificial Intelligence (AI) in Financial Services thematic intelligence report assesses how AI, combined with other emerging technologies, can be used across the financial services value chain. It provides an overview of the current landscape, as well as key players, while also highlighting opportunities for the use of AIs in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.
|Market Size (2022)||$81.3 billion|
|Value Chain||· Hardware
· Data Management
· Foundational AI
· Advanced AI Capabilities
|Leading Adopters||· AXA
· Bank of America
|Leading AI Vendors||· Alibaba
|Specialist AI Vendors||· Accenture
· Cape Analytics
|Enquire & Decide||Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.|
AI in Financial Services – Industry Analysis
The AI market was valued at $81.3 billion in 2022. The market is expected to achieve a CAGR of more than 35% between 2022 and 2030. The AI consulting and support services category is currently the largest market segment as companies try to find the best way to integrate AI into their business processes and understand how AI applications can add value. AI conversational platforms are the fastest-growing segment. This growth will partly be driven by the significant improvement in language models since the release of GPT-3 by OpenAI in 2020.
Global AI Market Revenue Segmented by Platform and Services 2022-2030 ($ Billion)
For more insights into the AI in financial services market forecast, download a free report sample
AI in Financial Services - Value Chain Analysis
The AI value chain is split into five segments which are hardware, data management, foundational AI, advanced AI capabilities, and delivery.
Hardware: The hardware value chain can be further divided into semiconductors, cameras, sensors and lasers, and servers, among others. The AI hardware stack is not too dissimilar from any IT system, although parts such as semiconductors, cameras, sensors, and edge equipment are very AI-specific. On the other hand, servers, storage, and networking equipment are standard and not designed specifically for AI use cases.
AI Value Chain Analysis
For more insights into the AI value chain, download a free report sample
Leading AI Adopters
Some of the leading financial services companies currently deploying AI are:
- Bank of America
Leading AI Vendors
Some of the leading players within the AI theme are:
- Alphabet (parent company of Google, Waymo, and DeepMind)
Specialist AI Vendors in Financial Services
Some of the specialist AI vendors in the financial services sector are:
- Cape Analytics
To know more about the leading AI adopters, vendors, and specialist vendors, download a free report sample
Retail Banking Sector Scorecard
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.
- The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
- The risk screen ranks companies within a particular sector based on overall investment risk.
Retail Banking Sector Scorecard – Thematic Screen
To know more about the sector scorecards, download a free report sample
Sector Scorecard also includes:
- Non-life insurance sector scorecard
Segments Covered in the Report
AI Value Chain Outlook (Value, $ billion, 2016-2030)
- Data Management
- Foundational AI
- Advanced AI Capabilities
This report provides:
- A breakdown of the key challenges in the financial services industry, and how AI can help solve them.
- An overview of the AI value chain, including leaders and challengers for each sub-segment.
- A review of the leading adopters of AI in financial services, relevant specialist AI vendors for financial services, and leading cross-industry AI vendors.
- Case studies showing AI use cases across the financial services industry.
- Market size and growth forecasts for AI, along with an analysis of alternative data including patent, company filing, and hiring activity.
Reasons to Buy
- Understand AI and its current and future impact on the financial services industry.
- Learn how the deployment of AI can help with the key challenges the financial services sector faces.
- Identify the leading AI adopters and specialist AI vendors.
Bank of America
BBVA, Cape Analytics
CCC Intelligent Services
Table of Contents
- 1. Executive Summary
- 2. Players
- 3. Financial Services Challenges
- 4. The Impact of AI on Financial Services
- 5. Case Studies
- 6. AI Timeline
- 7. Market Size and Growth Forecasts
- 8. Signals
- 8.1. Mergers and acquisitions
- 8.2. Patent trends
- 8.3. Company filings trends
- 8.4. Hiring trends
- 9. AI Value Chain
- 9.1. Hardware
- 9.2. Data management
- 9.3. Foundational AI
- 9.4. Advanced AI capabilities
- 9.5. Delivery
- 10. Companies
- 11. Sector Scorecards
- 11.1. Retail banking sector scorecard
- 11.2. Non-life insurance sector scorecard
- 12. Glossary
- 13. Further Reading
- 14. Our Thematic Research Methodology
- 15. About GlobalData
- 16. Contact Us
Frequently asked questions
What was the size of the AI market in 2022?
The AI market was valued at $81.3 billion in 2022.
What is the AI market growth rate?
The AI market is expected to grow at a CAGR of 35% between 2022 and 2030.
Who are the leading adopters currently deploying AI?
Some of the leading financial services companies currently deploying AI are AXA, Bank of America, and BBVA.
Who are the leading players within the AI theme?
Some of the leading players within the AI theme are Alibaba, Alphabet, and Amazon.
Who are the leading specialist AI vendors in the financial services sector?
Some of the leading specialist AI vendors in the financial services sector are Accenture, Afiniti, and Cape Analytics.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.