LONDON, Nov. 20, 2017 /PRNewswire/ -- Artificial
Intelligence (AI) is a branch of Computer Science that pursues
computers, machines and software to exhibit intelligence as human
beings to perceive the environment and act accordingly in problem
solving or performing a task successfully. The deployment of AI
into Fintech is growing at a greater pace owing to the existed
bounds such as limited database and time and cost of transactions.
Digital transformations and banking regulations posed by government
in various countries such as India
are the major drivers for the market.
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This report on Artificial Intelligence in Fintech segmented the
market by product, intelligence type, device and application. AI is
used in various applications such as credit scoring or lending,
quantitative & asset management, insurance, fraud detection and
others.[Where are the subsegments of each segment][Done] The market
is further classified by product into Kiosk machines, bill
collectors, card readers, thermal pointers and others. The machines
exhibit various kinds of human intelligence such as visual
perception, social intelligence, planning and others. Peer-to-peer
money lending, fraud detection, loan recovery, debt management and
business finance and expense reporting are some of the major
applications of AI in Fintech.
The market is segmented by geography into Americas, Europe, APAC and RoW. Americas region holds
major share on the market owing to the large number of startups and
emerged companies offering AI services to financial services.
However, the growing banking sector and digitalization reforms in
countries like India and
China increased the deployment of
AI in financial sector driving APAC region to emerge as the fastest
growing region.
Sample Companies Profiled in this Report are:
Google, Inc. (U.S.)
Salesforce.com, Inc. (U.S.)
Facebook, Inc. (U.S.)
Baidu, Inc. (China).
10+
Fintech may be in any form from simple applications or processes to
innovative products and business models. The advantages of AI
boosting its penetration into Fintech include the capability to
manage properties, organize operations, fraud detection and loan
recovery.
AI also provides solutions for mitigating and identifying
cyberthreats and client onboarding. The usage of AI into Banks is
coupled with the extended benefits such as back office operations,
customer experience, compliance and risk management.
The high end capabilities of AI and fast and secure business needs
are the major driving factors for the market. The boundless growth
in data management and advancements in technologies such as machine
learning algorithms and cloud computing are expanding the use of AI
in financial services.
The methodology followed in estimating the Artificial Intelligence
market in Fintech involved demand in various applications. The
segmentations have been cross-mapped extensively to understand
various market dynamics.
Simultaneously, the companies involved at integration and
distribution level were also studied from the perspective of their
services, geographical presence, annual turnover and few other
parameters to substantiate the estimations. All these estimations
were further validated through primary research and industry
experts.
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