Banking & Finance

Banking Sector Banks Heavily On Artificial Intelligence

Investing $20.64 billion in 2023

A report from NoKyc.com details AI’s rapid emergence into the banking sector. View the complete report and infographics here.

Artificial Intelligence as a technology has started to make inroads in other industries and businesses as well. Various industries have reacted differently to the push towards AI, but it was the banking/fintech sector that showed the most inclination toward AI solutions in 2023. According to the numbers presented by NoKyc.com, Banking was the sector with the biggest investment in Artificial Intelligence solutions at $20.64 billion over the course of last year.

Industries Invested A Total Of $154 Billion On AI In 2023

AI has been the buzzword in the business world for quite some time now. With recent advancements, artificial intelligence solutions have also started to impact other industries.

According to a report published on Statista, industries worldwide spent an estimated total of 154 billion U.S. dollars on AI solutions in 2023. Banking and Fintech companies have made the switch towards AI more readily than any other sector.

According to the same report, and as stated before, the Banking sector invested a total of $20.64 billion in AI-centric solutions last year. Banking’s reliance on AI is expected to grow significantly in the coming years, and so is the investment.

The retail sector also showed an eagerness to adopt artificial intelligence solutions in 2023. The investment from the retail sector was not far behind the banking at $19.71 billion last year. The data-driven approach has transformed the retail industry in recent years, and it appears that AI is only going to increase the importance of data in this industry.

The Professional Services industry is next on the list, with an investment of $16.02 billion in AI solutions in 2023. The recent popularity of ride-hailing and food-delivery startups has meant that a major sector of this industry was already heavily reliant on a data-driven approach, and hence, it’s not a surprise to see it investing heavily in AI.

Discrete Manufacturing and Process Manufacturing are the next two big investors in Artificial Intelligence, with investments worth $14.63 billion and $10.93 billion, respectively.

The remaining industries (or sectors) invested a total of $71.92 billion in Artificial Intelligence solutions in 2023.