Over $900bn financial AI market by 2026 to redefine future of finance

The financial AI market is on track for explosive growth and is projected to surge to over $900 billion by 2026, thereby redefining the future of finance.

This was noted by representatives of top financial institutions that account for 70 percent of global digital transactions during a session on “AI in digital finance” at the ongoing GITEX GLOBAL event in Dubai, UAE.

About 60 percent of global financial institutions have integrated AI across multiple business functions, driving efficiency and innovation. Taking place at Dubai World Trade Centre (DWTC) until October 18, GITEX GLOBAL presents its biggest, most international edition in its 44th year, welcoming over 6,500 exhibitors, 1,800 startups, and 1,200 investors alongside governments from more than 180 countries.

The speakers at the session include Michael Lehmbeck, chief technology officer, BankUnited, USA; Rochak Agrawal, executive director, UBS, Singapore; Arjun Chib, Managing Director, Financial Crime, Standard Chartered, Singapore; and Dido Wa Kalonji, chief information officer, at South Africa’s oldest bank and one of the country’s ‘Big Four’ financial institutions; among others.

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As AI adoption skyrockets, with usage expected to reach an astonishing 85 percent by 2025, the speakers noted that finance is changing at an unprecedented pace with AI.

Artificial intelligence (AI) in finance helps drive insights for data analytics, performance measurement, predictions and forecasting, real-time calculations, customer servicing, intelligent data retrieval, and more.

“The use of AI in finance requires monitoring to ensure proper use and minimal risk. Proactive governance can drive responsible, ethical and transparent

“AI usage, which is critical as financial institutions handle vast amounts of sensitive data,” according to a report by IBM,” according to IBM which is putting technology to work in the real world.

The BofA Global Research U.S. Software Technology team believes AI technologies can be embedded across industries and simplified for the average user which could drive adoption over the next decade.