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Written by Jack » Updated on: November 19th, 2024
Browse over 30 market data Figures spread through 70 Pages and an in-depth TOC on the “India Artificial Intelligence (AI) in BFSI Market.”
According to a TechSci Research report, titled “India Artificial Intelligence (AI) in BFSI Market - By Region, Competition, Forecast and Opportunities, 2029, the market for artificial intelligence (AI) in BFSI in India is expected to register robust growth during the forecast period of 2025-2029. Various government initiatives in India have indeed played a significant role in driving the uptake of artificial intelligence (AI) in the banking, financial services, and insurance (BFSI) sector. The Government of India has formulated a National Strategy for Artificial Intelligence, which aims to leverage AI technologies across various sectors, including BFSI. This strategy provides a framework for research and development, skill development, and fostering collaboration between academia, industry, and government entities. The Digital India campaign launched by the government focuses on transforming India into a digitally empowered society. Under this initiative, the BFSI sector has been encouraged to embrace AI technologies to enhance digital banking services, promote financial inclusion, and improve the efficiency of financial transactions.
The Reserve Bank of India (RBI), the country's central bank, has been proactive in promoting AI uptake in the BFSI sector. The RBI has set up regulatory sandboxes to facilitate innovation in financial technology, including AI-based solutions. These sandboxes provide a controlled environment for testing and deploying AI applications, ensuring compliance with regulations. The government has initiated various skill development programs to build a workforce equipped with AI capabilities. These programs aim to enhance the skills of professionals in the BFSI sector, enabling them to effectively utilize AI technologies and drive digital transformation within their organizations. The Indian government has launched several initiatives to support start-ups and encourage innovation in AI and related technologies.
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These government initiatives have created an enabling environment for the uptake of AI in the BFSI sector in India. By providing regulatory support, promoting skill development, fostering innovation, and facilitating collaboration, the government has played a crucial role in driving the growth of AI technologies and applications in the BFSI industry.
The India artificial intelligence (AI) in BFSI market can be segmented by component, technology, end-use industry, and region. Based on component, the market can be segmented into solutions & services. By technology, the market can be segmented into machine learning, natural processing language, computer vision, and others. By application, the market can be segmented into back office, customer service, financial advisory, risk management & compliance, and others. By end-use industry, the market can be segmented into banks, insurance companies, and wealth management institutes.
The Integration of AI in BFSI Market is providing an edge to the early adopters and is strengthening their core competencies. The implementation of Artificial Intelligence will improve banking, insurance, and financial services in the upcoming years, positively impacting fraud mitigation, customer service, credit scores, and investment advisories.
Some of the major advantages of implementing artificial intelligence in BFSI Market are tailored customer experience, fraud detection, automated back-end processes, and better turn-around time.
Key market players in the India Artificial Intelligence (AI) in BFSI market:
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“The uptake of AI in the BFSI sector in India is driven by the need to enhance customer experience, improve operational efficiency, mitigate risks, and stay competitive in the rapidly evolving digital landscape. While AI offers several benefits, it is important to ensure data privacy, security, and ethical use of AI technologies to maintain customer trust and comply with regulatory guidelines. AI-driven automation solutions are being implemented to streamline routine tasks and improve operational efficiency in the BFSI sector. This includes automating document processing, data entry, reconciliations, and other manual tasks, freeing up human resources for more complex and strategic activities. These technologies offer several benefits, including increased efficiency, reduced downtime, improved safety, and cost savings thereby positively influencing the artificial intelligence (AI) in BFSI market in the country in the coming years.,” said Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.
India Artificial Intelligence (AI) in BFSI Market By Component (Solutions, Services), By Technology (Machine Learning, Natural Processing Language, Computer Vision, and Others), By Application (Back Office, Customer Service, Financial Advisory, Risk Management & Compliance, and Others) By End-Use Industry (Bank, Insurance Company, and Wealth Management Institute), By Region, Competition, Forecast, and Opportunities, 2029 has evaluated the future growth potential of the India artificial intelligence (AI) in BFSI market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in artificial intelligence (AI) in BFSI market.
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