Key Use Cases in the Banking, Financial Services, and Insurance Markets

This table provides a detailed overview of various use cases in the banking, financial services, and insurance markets that leverage AI and blockchain technologies to address recent market shifts. Each use case is designed to meet specific unmet needs, streamline operations, and enhance customer experiences. By addressing economic trends, consumer behavior changes, technological advancements, competitive dynamics, regulatory impacts, and socio-cultural influences, these solutions offer significant potential for improving efficiency, compliance, and customer satisfaction in the sector. The total addressable market sizes and growth rates are based on industry reports and market analysis, providing a comprehensive view of the opportunities and potential for each use case globally and in Switzerland.

Key Use Cases in the Banking, Financial Services, and Insurance Markets

Use Case	Brief Description	Unmet Needs	Jobs to be Done	Potential AI and/or Blockchain Solution	Solution USPs	Top Competitors	Positioning Strategy	Total Addressable Market (TAM)	TAM Calculation and Growth Rate
AI-Powered Fraud Detection	Use AI to detect and prevent fraudulent activities in real-time.	Real-time detection, low false positives	Monitor transactions, identify and flag suspicious activity	AI algorithms to detect anomalies and fraudulent patterns in transaction data.	High accuracy, real-time detection, reduced false positives	Palantir, SAS, FICO	Superior accuracy and real-time capabilities	$10 billion globally, $400 million in Switzerland	Calculated based on global spend on fraud detection technologies, 12% CAGR globally, 10% in Switzerland.
Customer Service Chatbots	AI-powered chatbots to enhance customer service and support.	24/7 support, quick resolution	Automate responses to customer queries	AI-driven chatbots that provide instant responses and support to customers.	24/7 availability, improved customer satisfaction, reduced operational costs	IBM Watson, Microsoft Azure Bot Service	Position as the most responsive and cost-effective solution	$7 billion globally, $300 million in Switzerland	Based on customer service automation spend, 15% CAGR globally, 12% in Switzerland.
Personalized Financial Advisory	Provide personalized financial advice using AI insights.	Personalized insights, compliance	Analyze customer data to provide tailored financial advice	AI-powered financial advisory tools that analyze customer profiles and market trends.	Highly personalized insights, compliance with financial regulations	Betterment, Wealthfront	Position as the most accurate and compliant advisory tool	$8 billion globally, $350 million in Switzerland	Based on spend on robo-advisory and AI-driven financial planning, 14% CAGR globally, 10% in Switzerland.
Blockchain for KYC and AML Compliance	Streamline KYC and AML processes using blockchain technology.	Efficient verification, reduced fraud	Automate and secure KYC and AML processes	Blockchain for secure, transparent, and immutable record-keeping of customer data.	Improved efficiency, enhanced security, compliance with regulations	Chainalysis, Elliptic	Emphasize superior security and compliance	$5 billion globally, $200 million in Switzerland	Calculated based on global compliance technology spend, 10% CAGR globally, 8% in Switzerland.
Predictive Analytics for Risk Management	Use AI to predict and manage financial risks.	Accurate risk predictions, proactive management	Analyze data to forecast and mitigate risks	AI models that predict financial risks based on historical data and market analysis.	Increased prediction accuracy, proactive risk management	SAS, Moody's Analytics	Highlight predictive accuracy and proactive capabilities	$12 billion globally, $500 million in Switzerland	Global spend on risk management tools, 12% CAGR globally, 9% in Switzerland.
Automated Claims Processing	Use AI to automate insurance claims processing.	Speed, accuracy, reduced fraud	Automate the validation and processing of insurance claims	AI algorithms to verify and process claims quickly and accurately.	Faster claims processing, reduced fraud, improved customer satisfaction	UiPath, Automation Anywhere	Position as the fastest and most accurate claims processing solution	$6 billion globally, $250 million in Switzerland	Based on insurance claims automation spend, 13% CAGR globally, 10% in Switzerland.
Robo-Advisors for Wealth Management	AI-driven robo-advisors for managing investment portfolios.	Accessible investment advice, cost-effective solutions	Provide automated, personalized investment advice	AI-powered robo-advisors that create and manage investment portfolios.	Low-cost investment management, personalized advice	Wealthfront, Betterment	Market as the most accessible and cost-effective wealth management tool	$10 billion globally, $400 million in Switzerland	Global spend on robo-advisory services, 15% CAGR globally, 12% in Switzerland.
Blockchain-Based Smart Contracts	Automate contractual agreements using blockchain-based smart contracts.	Secure, automated contract execution	Automate the execution and enforcement of contracts	Blockchain for creating self-executing contracts with built-in rules and penalties.	Increased security, reduced need for intermediaries, automated compliance	ConsenSys, IBM Blockchain	Emphasize security and automation advantages	$4 billion globally, $150 million in Switzerland	Based on global smart contract technology spend, 14% CAGR globally, 10% in Switzerland.
Customer Insights and Analytics	Use AI to gain real-time insights into customer behavior and preferences.	Real-time insights, improved decision-making	Analyze customer data to derive actionable insights	AI analytics tools that provide real-time analysis of customer data for personalized marketing strategies.	Improved customer engagement, increased marketing effectiveness	Google Analytics, Adobe Analytics	Highlight real-time insights and actionable data	$15 billion globally, $600 million in Switzerland	Calculated from market analytics spend, 15% CAGR globally, 12% in Switzerland.
AI for Predictive Maintenance	Predictive maintenance for financial IT infrastructure using AI.	Preventative maintenance, reduced downtime	Predict IT failures, schedule maintenance	AI models to predict hardware and software failures before they occur.	Increased uptime, reduced maintenance costs, proactive management	IBM Maximo, GE Digital	Position as the most reliable and proactive maintenance solution	$5 billion globally, $200 million in Switzerland	Based on predictive maintenance technology spend, 12% CAGR globally, 10% in Switzerland.

How to Start with kvant

Identify Your Needs: Assess your current challenges and opportunities within your IT operations.
Consult with kvant Experts: Reach out to our team for a detailed consultation on how kvant solutions can address your specific needs.
Choose the Right Solutions: Select from kvant Cloud and kvant AI based on your identified use cases.
Implement and Scale: Begin implementation with our support and scale your operations using our robust and secure platforms.
Continuous Improvement: Leverage our continuous support and updates to ensure your solutions evolve with your business needs.

By understanding and leveraging these key use cases, businesses in the Banking, Financial Services and Insurance Industry can drive innovation and efficiency. The kvant offerings provide the necessary tools and infrastructure to implement these solutions effectively, positioning companies to lead in their respective markets.