AI in Banking will Reach US$48 Billion by 2025, Analytics Insight

Analytics Insight predicts that the Global Artificial Intelligence market revenue in the Banking sector will touch a whopping USD48.3 billion by 2025 compared to USD13.7 billion in 2019 growing at a CAGR of 28.6% during the forecast period, 2019-2024. The BFSI sector has always been resistant to changes, especially concerning technologies. However, there has been a surge in AI adoption across the financial sector in recent years, which has redefined the operations and processes in the industry. The financial and banking industry is highly customer-based and in the current scenario consumers desperately look for personalized, easier, and digital services. People have shifted to the digital space, which has given rise to digital banking and open banking.