Advancements in digital technology and solutions have significantly bolstered the growth of the Generative AI in Fintech Market
Fort Collins, Colorado, Feb. 19, 2024 (GLOBE NEWSWIRE) — The Generative AI in Fintech Market size valued at USD 1,084.9 Million in 2023 and is anticipated to reach USD 19,963.7 Million by 2032 at a CAGR of 38.2%.
Generative AI is a term used to describe the use of artificial intelligence tools in the financial sector to provide advanced services, such as streamlining financial and non-financial processes in banks. Additionally, generative AI can be used to identify and prevent fraudulent activities. These features ensure a seamless experience in the fintech domain.
Generative AI has become a buzzword in recent years due to its adoption in many areas, such as healthcare, pharmaceuticals, product development, research, and development. It uses historical data to create models that provide feasible solutions, generate new data as required, and summarize past data. Its popularity is growing, as it enables quick results with minimal inputs and investments. As a result of its creative outputs and improved customer satisfaction, several other industries are also adopting this technology.
Even financial institutions have recently adopted generative AI, expected to bring innovation and automation to the fintech industry. A significant factor contributing to its wider adoption, use, and scope in this sector is the massive data generation that occurs daily in banks and financial institutions. This data can benefit these companies by helping them better understand their customers and provide superior and personalized services if used effectively.
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