The Latin America, Middle East and Africa Smart Finance Technologies Market would witness market growth of 6.3% CAGR during the forecast period (2022-2028).
Artificial intelligence applications will pervade the financial industry's front, middle, and back offices. Tailor-made products, personalized user experiences, and analytics services, intelligent service robots and chat interfaces, market trackers, automated transactions, and robot-advisors, as well as alternative credit ratings based on non-financial data and facial recognition authentication, are all examples of customer-facing applications. Smart procedures, increased information representation tools (epitomized by knowledge graphs), and natural language processing for fraud detection are among the middle and back-office applications.
Many financial institutions are still only using AI in sporadic and scattered ways, focusing on certain use cases or verticals. Leaders in the banking business, on the other hand, are using AI to alter their operations across the whole lifecycle of their digital operations. Specifically, the financial industry is realizing that algorithms are only as good as the data they use. The focus is shifting to acquiring a competitive edge from previously underutilized consumer behavior data gathered through traditional operations.
The UAE has a strong banking sector, which is governed onshore by the UAE Central Bank, which was founded in 1980. The Central Bank directs and oversees monetary, credit, and banking policy in conformity with the state's overall policy, with the goal of supporting the national economy and currency stability. It manages the UAE government's gold and foreign currency reserves, functions as a bank for UAE-based banks, and acts as the UAE's financial agent at international financial institutions.
Islamic, commercial (merchant or investment), and industrial banks are the four types of banks in the UAE. Given the size of the population, many commentators believe the onshore banking sector is overcrowded. Local banks, the majority of which are state-owned, dominate the market. The 23 licensed local banks owned more than 85% of the sector's total gross assets and 90% of its branch network as of April 2017. Furthermore, the Central Bank identifies 26 international banks with 85 branches as licensed.
The Brazil market dominated the LAMEA Smart Finance Technologies Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.1 Million by 2028. The Argentina market is poised to grow at a CAGR of 6.9% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 6.1% during (2022 - 2028).
Based on Type, the market is segmented into Smart Finance Platforms, Smart Finance Connectivity, Smart Finance Hardware, and Smart Finance Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Finance Technologies Market is Predict to reach $622.6 Million by 2028, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Fujitsu Limited, Diebold Nixdorf, Inc., IMS Evolve, Miles Technologies, Inc., Zicom SaaS Pvt. Ltd., Zoho Corporation Pvt. ltd., GRGBanking Equipment Co., Ltd., Dialog Axiata PLC, and Virtusa Corporation.
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