North America Generative AI in BFSI Market Size, Share & Trends Analysis Report By End-User, By Application), By Country and Growth Forecast, 2024 - 2031

The North America Generative AI in BFSI Market is expected to witness market growth of 32.0% CAGR during the forecast period (2024-2031).

The US market dominated the North America Generative AI in BFSI Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $2.34 billion by 2031. The Canada market is registering a CAGR of 34.5% during 2024-2031. Additionally, the Mexico market would witness a CAGR of 35.2% during 2024-2031.

Generative AI in the Banking, Financial Services, and Insurance (BFSI) sector refers to applying AI models to generate new data, insights, or content based on large volumes of existing data. Unlike traditional AI, which mainly focuses on analyzing and interpreting data to support decision-making, generative AI can create new outputs. This transformative ability is particularly valuable in BFSI, where it enhances various aspects of operations, including customer service, fraud detection, risk assessment, compliance, and personalized offerings.

The emergence of generative AI in the BFSI sector marks a revolutionary shift in how financial institutions approach customer service, risk management, operational efficiency, and competitive differentiation. As financial institutions increasingly face pressure from digital-native competitors and evolving customer expectations, adopting generative AI offers them tools to innovate, personalize, and scale their services, creating a more agile and responsive industry landscape.

Mexico’s BFSI sector presents unique opportunities for generative AI due to the country's booming fintech landscape. The International Trade Administration also highlights Mexico's dynamic fintech industry, boasting over 650 fintech firms, making it one of the largest fintech sectors in Latin America. Key opportunities in this sector lie in Fintech-as-a-Service (41%), P2P and mobile payments (32%), crowdfunding and personal loans (16%), financial assets (5%), Insurtech (2%), wealth management (2%), and independent digital banks (2%).

This diverse landscape reveals the vast potential for generative AI applications in areas like digital banking, payment solutions, and personalized financial services across North America. As Mexican financial institutions continue adopting AI, the technology is expected to play a pivotal role in expanding financial inclusion and supporting the growth of digital financial services. Thus, as adoption accelerates, North American financial institutions are well-positioned to set new global standards in AI-powered financial services.

List of Key Companies Profiled

• Accenture PLC
• SAS Institute Inc.
• Google LLC
• Salesforce, Inc.
• Microsoft Corporation
• Adobe, Inc.
• OpenAI, LLC
• IBM Corporation
• NVIDIA Corporation
• Intel Corporation

Market Report Segmentation

By End-User

• Banks
• Insurance Companies
• Financial Service Providers

By Application

• Fraud Detection
• Risk Assessment
• Customer Experience
• Algorithmic Trading
• Other Application

By Country

• US
• Canada
• Mexico
• Rest of North America