Published on : Jul 28, 2017
Albany, New York, July 28, 2017: While banks worldwide are keen on adopting the latest technologies, they are yet to reach milestone in deploying artificial intelligence. While the technology promises major opportunities, the vulnerabilities to cyber theft associated with it have made banking and financial organizations skeptical about deploying the same to ease their daily operations. The report however focuses on opportunities that exist for the artificial intelligence market in the banking sector. Nonetheless the core challenges hindering the market trajectory is studied in detail as well.
The report covers various growth drivers and major restraints impacting growth of the artificial intelligence market in the banking sector. It includes information in this sourced via proven research methodologies. It is therefore intended at helping stakeholders gauge the growth prospects for the artificial intelligence market in the banking sector and determine their strategies accordingly.
At a time when giants in the technology sector are beefing up their AI talent, only a handful of outliners in the banking and financial sector such as Capital One have exhibited to deploy artificial intelligence as swiftly as their counterparts in Silicon Valley. Nonetheless, several financial institutions have announced their ambitious plans of integrating artificial intelligence and machine learning. Despite this, customers are waiting for months for the proposed AI services and products.
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Artificial intelligence comprises a plethora of technologies such as natural language process, robotic process automation, image analytics, image analytics, and advanced data analytics. Deploying these technologies across banks is likely to improve their back-office and front office processes. This has emerged as a chief driver of the artificial intelligence market in the banking sector. It is important to note here that back office AI implementations cover algorithms, which can identify and block cases of money laundering and fraud. Therefore, with the implementation of artificial intelligence, banks are looking to offer safer transaction to their customers.
However, vulnerability to cyber thefts and other security threats are inhibiting a more full-fledged implementation of artificial intelligence in banking. Nevertheless, with the latest advancements in the technology, AI is likely to become more secure. In the future this will help in clearing the aforementioned bottlenecks, which are stopping banking companies to deploy AI.
Besides identifying the prevailing market trends, the report also profiles some of the leading companies offering AI solutions for banks and financial institutions. Strategies they have adopted over the years to gain competitiveness in the market is analyzed in detail. Furthermore, the effect of the strategies on the overall market is studied as well. The report is therefore compiled to enable the banking sector realize the benefits they can achieve with regards their delivery services on the deployment of artificial intelligence. Also it will provide information about issues that need to be resolved in order to successfully launch artificial intelligence-based services in the banking sector.
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