Banks Are Cashing In on Embedded AI

“In 2021, McKinsey released a report that found that AI is quickly becoming embedded in financial institutions. The report, which surveyed over 200 senior executives across the globe, found that AI is most commonly used for robotic process automation (36%), virtual assistants or conversational interfaces (32%), and machine learning techniques (25%) to detect fraud and support underwriting and risk management.
According to a recent IDC report, banks worldwide are expected to spend an additional USD31 billion on AI embedded in existing systems by 2025.
The embedded AI sector is expected to reach USD38.87 billion globally at a compound annual growth rate (CAGR) of 5.4% within 2021-2026.”