Banks, Financial Services, and Insurance (BFSI) firms are progressively converging on adopting advanced technologies, including artificial intelligence, natural language processing, and machine learning, to enhance their financial asset management capability, thereby growing bottom-line and meeting customer expectations. Several areas, including fraud detection, process automation, portfolio optimization, and risk & compliance among many others, are being implemented with the AI technology to leverage cognitive capability and gain actionable insights. This is achieved by analyzing a huge volume of machine data being generated from several processes and systems.
Predictive analytics is the dominating technology in this market as it holds the largest market share owing to investment bankers who are increasingly relying on analytics to enhance advisory services associated with fundraising, mergers & acquisitions, and asset allocation. Banks are willing to gain valuable insights from real-time data, which includes research reports, market trends, product information, and client profiles to take informed real-time decisions.
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Conversational platform is one of the fastest growing segments in this market. Financial institutions are implementing conversational platforms as they are more convenient and provide advices based on data analysis. Conversational platforms reduce customer support cost as well as enhances customer experience. These platforms are also used for cross-selling and up-selling as they have access to the data required to make recommendations that address customer’s specific requirements. Virtual personal assistant or chatbots are among the most preferred conversational platforms.
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The competitive landscape is a mix of established vendors and niche vendors, including IBM, Genpact, Infosys, Lexalytics, and Narrative Science. Mergers & acquisitions, alliance formations, and strategic partnerships will boost the market growth during the forecast period. Few of the key happenings are detailed below:
- In January 2019, Genpact acquired riskCanvas Holdings to enhance financial crime compliance practice.
- In October 2018, Synechron opened a Financial Innovation Lab (FinLab) in Singapore to cater the APAC region related to key digital strategies, such as AI, blockchain, and data analytics.
- In April 2019, Infosys launched CollectEdge, an AI-powered platform to boost recoveries, improve operational efficiencies, and enhance the customer experience.
Conclusively, in new age data-driven financial sector, data analytics is the most preferred technology, enabling financial institutions to analyses these datasets and gain actionable insights. Progressively changing customer behavior and their expectation has financial service providers especially investment banks to adopt technologies such as AI and ML to meet this consumer demand. Additionally, they are offering new investment vehicles in the market considering their customer’s varied investment patterns.
– Rahul Pandey
ICT – Research Analyst