“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.”