- April 2020 |
- Information and Communication Technology (ICT) / IT Services
Global AI in BFSI Security Market by Information Security (Fraud Detection & Prevention, Anti-Money Laundering, Monitoring and Preventing Cyber Threats and Others), By Physical Security (Video Surveillance, Access Control, Intrusion & Fire Detection) By Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), By End-User (Banking, Insurance Companies and Other Financial Institutions), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Global AI in BFSI Security Market: Trend & Overview
Artificial Intelligence (AI) is a part of computer science that focuses on the creation of intelligent machines that work and perform tasks like humans. As a result, it has become a key part of the technology in the BFSI industry. In financial organizations and other major finance industries, AI has become a core business adaptation and is expected to change the overall service offering scenario. The BFSI market has become an AI-based solution to many traditional banking problems.
Financial institutions use the AI to collect, report and analyze large chunks of data in order to gather meaningful insights about customers to meet their requirements. The ability of technology to perform tasks such as natural language processing and image recognition, speech & text, and advanced machine learning algorithms is a factor that will increase the demand for technology.
AI is being used to proactively monitor and prevent various instances of fraud, money laundering, malpractice, and the detection of potential risks. For instance, firms draw on individual spending data and behavior to evaluate patterns, enabling them to identify uneven transactions. MasterCard has also achieved to include AI technology as part of its financial service network as a means of identifying identities. Similar methods have been used to identify trade malpractice.
The National Stock Exchange of India Ltd (NSE) identified the advantages of using machine learning to increase existing algorithmic trading activities. The enhanced ability of the technology to identify market patterns and automate low-complexity tasks has been highlighted by the NSE as significant...