Global generative AI in fintech market is anticipated to grow at anexponentialCAGR of 31.5% during the forecast period (2024-2031).Generative AI has become an essential tool for fintech firms, as it enables them to provide personalized solutions tailored to each customer's specific needs. It is used in algorithmic trading to develop sophisticated trading algorithms that automate investment decisions based on predefined rules and market conditions. Additionally, generative AI is employed in credit scoring and underwriting to assess creditworthiness and automate loan approvals, while additionally aiding in market analysis and prediction by analyzing market data and historical trends. Finally, it powers natural language processing applications that enhance communication channels and decision-making processes within the financial industry.Furthermore, the market has seen significant growth primarily owing to increased focus on R&D by both public and private organizations and growing applications. For instance,
Browse the full report description of “Generative AI in Fintech Market Size, Share & Trends Analysis Report by Component (Service, and Software).by Deployment (On-premises, and Cloud). by Application (Compliance & Fraud Detection, Personal Assistants, Asset Management, Predictive Analysis, Insurance, Business Analytics & Reporting, Customer Behavioral Analytics, and Others). andby End-User (Retail Banking, Investment BankInsurance Companies, Stock Trading Firms, Hedge Funds, and Others).Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/generative-ai-in-fintech-market
In February 2024, TradeAlgo launched TradeGPT, a generative AI product designed for retail traders. The language model, based on historical market data, allows users to converse with AI in natural language, providing powerful insights for non-Wall Street investors. It offerstailored recommendations for stock options, identifiesfavorable risk/reward contracts, and providesin-depth analyses based on Peter Lynch's investing principles.
In February 2024, NICE Actimize introduced a suite of generative AI-based innovations to streamline financial crime investigations and compliance reporting processes. The solutions promise a 50.0% decrease in investigation time and a 70.0% reduction in SAR filing time. The generative AI technologies aim to reduce manual tasks, allowing organizations to focus on strategic aspects of financial crime prevention and compliance. The products include X-Sight AI Assist, X-Sight AI Narrate, and Xceed FraudDESK CoPilot.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Component
o By Deployment
o By Application
o By End User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Google LLC,IBM Corp.,Microsoft Corp.,Salesforce, Inc.,and, SAS Institute Inc.,among others.
Key questions addressed by the report.
Global Generative AI in Fintech System Market Report Segment
By Component
By Deployment
By Application
By End-User
Global Generative AI in Fintech System Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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