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Artificial Intelligence in BFSI Market Outlook 2024-2032

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According to the latest research report, the global artificial intelligence (AI) in BFSI market size reached US$ 19.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 224.5 Billion by 2032, exhibiting a growth rate (CAGR) of 30.3% during 2024-2032.

AI in BFSI Market Trends and Drivers:

Currently, artificial intelligence (AI) is playing a pivotal role in driving increased efficiency within the banking, financial services, and insurance (BFSI) sector. AI's capacity to automate mundane and repetitive tasks is freeing up human capital to concentrate on complex problem-solving and customer service roles. This, in turn, enhances operational efficiency, cuts costs, and elevates overall service delivery. Additionally, AI is being utilized to automate processes such as data entry, verification, reconciliation, and report generation, traditionally resource-intensive tasks prone to manual errors. Moreover, AI-based robotic process automation (RPA) tools are actively managing loan origination, underwriting, and customer onboarding processes. This helps in mitigating operational bottlenecks, improving response times, and bolstering the institution's ability to handle large transaction volumes. Furthermore, AI ensures continuous services, enabling financial institutions to remain operational beyond standard business hours.

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