Artificial Intelligence (AI) in Financial Wellness Market Report 2024

This Artificial Intelligence (AI) In Financial Wellness market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The artificial intelligence (AI) in financial wellness market size has grown exponentially in recent years. It will grow from $13.27 billion in 2023 to $17.73 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth during the historic period can be attributed to the rise of fintech companies, the increasing digitalization of financial services, growing consumer demand for personalized financial solutions, heightened awareness of financial wellness, and economic uncertainty.

The artificial intelligence (AI) in financial wellness market size is expected to see exponential growth in the next few years. It will grow to $56.71 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The projected growth during the forecast period can be attributed to the rising demand for automated financial services, the expansion of financial wellness programs by employers, a greater emphasis on financial literacy, increased focus on mental health and financial wellness, and the expansion of AI into new areas of financial services. Key trends expected during this period include the integration of AI with blockchain technology, the use of AI in wealth management platforms, the adoption of mobile banking, AI-based customer support solutions, and AI-driven fraud detection systems.

The growing financial accessibility is projected to drive the expansion of artificial intelligence (AI) in the financial wellness market in the future. Financial accessibility pertains to how easily individuals can access and use financial services and products, irrespective of their economic status, geographic location, or financial background. Enhancing financial accessibility is crucial for enabling more people to benefit from financial services, build wealth, and achieve financial stability, thereby fostering economic inclusion and reducing financial inequality. AI contributes to financial accessibility by offering personalized, automated financial advice and services that reach underserved populations, simplifying complex financial tasks, and providing affordable, tailored solutions. For example, the International Monetary Fund reported in October 2023 that in Africa, mobile money transactions grew from 26% to 35% of GDP between 2021 and 2022. Additionally, Europe and the Western Hemisphere experienced notable growth in mobile and internet banking, with online banking transactions per 1,000 adults increasing by over 20% in 2022. In the Asia and Pacific region, deposit accounts rose by 13% in 2022, driven largely by growth in China, Nepal, and Indonesia. Consequently, the increasing financial accessibility is expected to boost the AI segment within the financial wellness market.

Leading companies in the AI financial wellness market are concentrating on developing virtual assistants, such as AI advisors, to offer personalized financial guidance and improve financial decision-making. AI advisors are virtual assistants powered by AI that deliver customized financial advice, guidance, and support based on user data and real-time analytics. For example, EarnUp Inc., a US-based fintech company, introduced AI Advisor in July 2024. This innovative product aims to transform the interaction between financial institutions and consumers. It provides comprehensive financial wellness management, expert advice, and seamless execution, enhancing customer engagement. AI Advisor uses advanced AI to offer highly personalized insights and guidance, helping users make informed decisions towards their financial goals. The solution analyzes real-time banking and credit data to provide tailored recommendations and answers, thereby improving the user experience and deepening financial understanding.

In October 2022, Q2 Holdings, Inc., a U.S.-based provider of banking technology solutions, acquired Sensibill for an undisclosed sum. This acquisition enhances Q2's position in the digital banking space by incorporating Sensibill's innovative solutions to drive customer engagement and improve financial wellness offerings. Sensibill, a Canada-based company, provides AI-powered solutions to help financial institutions assist users in managing their finances.

Major companies operating in the artificial intelligence (AI) in financial wellness market are Prudential Financial Inc., Fidelity National Financial, Transamerica Corporation, Nu Pagamentos S.A. (Nubank), Mercer LLC, Ayco a Goldman Sachs Company, Ramsey Solutions LLC, Purchasing Power LLC, Personetics Technologies Inc., Wealthfront Corporation, Aduro Inc., Health Advocate Inc., PayActiv Inc., HealthCheck360 a division of Cottingham & Butler, Fyle Technologies Private Limited, Ellevest Inc., Financial Fitness Group, EarnUp Inc., Brigit, BrightDime Inc., Edukate Inc., Enrich Financial Wellness, Money Starts Here, SUM180 Inc., Best Money Moves LLC.

North America was the largest region in the artificial intelligence (AI) in financial wellness market in 2023. The regions covered in the artificial intelligence (AI) in financial wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the artificial intelligence (AI) in financial wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence (AI) in financial wellness involves utilizing advanced technologies such as machine learning and predictive analytics to improve individuals' financial health. It provides tailored financial advice, automates budgeting and investment management, and delivers insights into spending and saving behaviors. AI-driven tools also aid in fraud detection, optimize credit scores, and educate users on financial concepts, empowering them to make more informed financial decisions.

The main types of AI in financial wellness include software and services. AI software in financial wellness consists of various applications and platforms designed to assist users in managing their finances. These tools analyze financial data, offer personalized advice, automate savings, and track spending patterns to enhance financial decision-making. Deployment options include cloud-based and on-premises solutions for applications such as wealth management, fraud detection and prevention, risk management and compliance, and customer service and support. The primary users of these AI solutions are financial institutions, enterprises, and individual consumers.

The artificial intelligence (AI) in financial wellness market research report is one of a series of new reports that provides artificial intelligence (AI) in financial wellness market statistics, including artificial intelligence (AI) in financial wellness industry global market size, regional shares, competitors with an artificial intelligence (AI) in financial wellness market share, detailed artificial intelligence (AI) in financial wellness market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in financial wellness industry. This artificial intelligence (AI) in financial wellness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The artificial intelligence (AI) in financial wellness market consists of revenues earned by entities by providing services such as expense tracking and analysis, debt management, automated financial transactions, educational content, and resources. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in financial wellness market also includes sales of software platforms, budgeting tools, and AI-driven investment platforms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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