Opportunities and challenges of artificial intelligence in banking and financial services

Abstract

AI is a crucial element of the banking and financial industries, providing affordable and reliable banking services. The market for AI in the banking sector is expected to grow at a CAGR of 32.6% from 2021 to 2030, reaching $64.03 billion by 2030. Banks use AI technologies to automate their operational processes, improve customer support, and mitigate potential risks, ultimately increasing efficiency and productivity. AI can help banks identify fraudulent activities and prevent them from occurring. It can also analyze customer data and provide personalized services to customers. Additionally, AI can help banks make better decisions by analyzing large amounts of data. By using AI, banks can reduce costs and increase profits while providing better services to their customers.