Global business value of AI in banking forecast to reach $300bn by 2030

  • “In 2018, the business value of AI was estimated to be $41.1bn, which includes the cost savings and efficiencies of introducing AI technology compared to keeping existing infrastructures and processes.
  • North America is tipped to be the biggest market for AI in banking between 2018 and 2023. The business value of AI in this region will go from $14.7bn in 2018 to nearly $79bn by 2030.
  • ‘Countries like China, Japan, South Korea, Hong Kong and Singapore are likely to drive the demand for AI within the banking sector over the next ten years,’ added Tait.
  • It’s not all good news: job losses and re-assignments will be common, IHS Markit estimates that by 2030, around 500,000 bank workers in the United Kingdom and 1.3m in the United States could be affected.”

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