The Chemical Connection: Onshoring PCB Production—Daunting but Certainly Possible
It’s Only Common Sense: The Phone Is Still Mightier Than the Keyboard
Global Business Value of AI in Banking to Reach $300B by 2030
April 10, 2019 | IHS MarkitEstimated reading time: 2 minutes
Artificial intelligence (AI) is revolutionizing the banking sector by detecting fraud in financial transactions on the basis of a pre-defined set of rules. In 2018 AI in banking business was estimated to be $41.1 billion, which includes the cost savings and efficiencies of introducing AI technology compared to keeping existing infrastructures and processes. With the projected increase in the number of AI projects that are launched and become commercially deployed, the business value of AI in banking is projected to reach $300 billion by 2030, according to global business information provider IHS Markit.
“The innovative capabilities AI will bring to financial services will be transformative,” said Don Tait, principal analyst at IHS Markit. “AI is poised to challenge and blur our concepts of computing and the ‘natural’ human. This sea change will require both businesses and governments to develop expansive foresight and critical understanding of the full effects of digitization and emerging technologies.”
According to Artificial Intelligence in Banking Report by IHS Markit, North America is projected to be the largest market for AI in banking between 2018 and 2023. AI in the region will increase from a business value of $14.7 billion in 2018 to nearly $79 billion by 2030. However, the proportional importance of the North American region is likely to decline between 2024 and 2030 as Asia Pacific, Europe and other global regions roll out more AI solutions in the banking sector.
Asia Pacific is the second largest region employing AI in banking, increasing from a business value of $11.5 billion in 2018 and rising to become the leading region in 2024, with a business value of $50.6 billion. By 2030, the Asia Pacific region for AI in banking is projected to reach $98.6 billion by 2030. “Countries like China, Japan, South Korea, Hong Kong and Singapore are likely to drive the demand for AI within the banking sector over the next ten years,” Tait said.
The introduction of AI technology is not entirely good news for the banking industry, with job losses and job re-assignments expected as AI increases enterprise productivity. IHS Markit estimates that by 2030, around 500,000 bank workers in the United Kingdom and 1.3 million in the United States could be affected. If this is mirrored across all countries globally, then there will be tens of millions of banking and financial services jobs impacted by the introduction of AI technology in the coming decade.
“Banking employees potentially impacted by the introduction of AI includes tellers, customer service reps, loan interviewers and clerks, financial managers, compliance officers and loan officers,” Tait said. “All in all, AI technology will reconfigure the financial industry’s structure, making the banking sector more humane and intelligent.”
About IHS Markit
IHS Markit is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
Share on:
Testimonial
"We’re proud to call I-Connect007 a trusted partner. Their innovative approach and industry insight made our podcast collaboration a success by connecting us with the right audience and delivering real results."
Julia McCaffrey - NCAB GroupSuggested Items
Marcy’s Musings: The Legislative Outlook—Helping or Hurting?
10/20/2025 | Marcy LaRont -- Column: Marcy's MusingsJust before we were ready to publish our October issue of PCB007 Magazine, some breaking news from the White House, unfortunately (but perfectly) parlayed into why the topic of this month’s issue has been so important to cover in great depth.
Our Legislative Outlook: PCB007 Magazine October 2025 Issue
10/16/2025 | I-Connect007 Editorial TeamMost agree that we are experiencing an unprecedented time in global business and economics, with rules and laws that open doors to business but can complicate operations and make profitability more challenging. This month, PCB007 Magazine features some of today’s leading experts on legislative issues affecting the electronics industry, including rules and laws, trade, sustainability, business expansion, grants, and more in the U.S., Europe, and China.
It’s Only Common Sense: Stop Whining About the Market—Outwork It
10/06/2025 | Dan Beaulieu -- Column: It's Only Common SenseWhenever the market hiccups or the industry cycle dips, I hear the same tired chorus: “The market is down. Customers aren’t buying. What can we do? We just have to wait it out.” Nonsense. If you think that by showing up, opening your doors, and waiting for the economy to smile kindly upon you, that success will follow, you are in the wrong business. Worse yet, you’re living in the wrong mindset. Most people don’t want to hear the truth that winners find business in down cycles. Losers blame the economy.
Dan’s Biz Bookshelf: 'A View from the Top: Moving from Success to Significance'
10/02/2025 | Dan Beaulieu -- Column: Dan's Biz BookshelfOnce in a while, a book comes along that reminds you why you started down this road of business and leadership. Zig Ziglar’s "A View from the Top" is that book. It’s not just about business and motivation. It’s about living a life that counts—for your family, your company, your community, and yourself. Ziglar delivers this book in his typical fashion, with the punch of hard-earned wisdom, a bit of humor, and a lot of common sense.
Punching Out: Entrepreneurship Through Acquisition Buyers for PCB/EMS Shops
09/24/2025 | Tom Kastner -- Column: Punching Out!A growing trend in the U.S. is the rise of Entrepreneurship Through Acquisition (ETA) buyers for every business under the sun. Just as private equity firms have been active in a wide range of industries, ETA buyers have picked up their interest in both PCB and EMS companies.