Artificial Intelligence (AI) in Fintech Business Research Report 2024: Global Market to Grow by $56.9 Billion by 2030 with AWS, Complyadvantage, Google, IBM, Inbenta at the Forefront FinTech Futures
The Finance and Insurance sector will experience a significant transformation driven by AI, leading to increased automation, improved risk management, personalized customer experiences, and enhanced fraud detection. Incumbent financial institutions will need to adapt quickly to compete with new entrants leveraging AI-first strategies. Specifically in insurance, expect optimized pricing, automated claims processing, and improved risk assessment through predictive modeling with AI and ML.
The increased adoption of AI in Fintech necessitates a shift in operational workflows, requiring businesses to invest in AI infrastructure, train employees in AI-related skills, and integrate AI solutions into existing systems. Automation, driven by AI, will improve efficiency in areas like loan processing, fraud detection, and customer support, but also requires robust data governance and model monitoring frameworks.