Back to Career News

AI adoption in the Banking sector

August 10, 2022

AI adoption in the Banking sector
AI is now being used to considerably increase top line revenue in addition to influencing bottom line revenue. Large Fintech firms, NBFCs, and banks are utilizing AI throughout the customer life cycle, from acquisition to servicing.

The utilization of chatbots in credit decision-making, customer interactions for sales and marketing, and collections were formerly the most prominent application of AI in the Indian banking sector.

To be relevant and nimble in a highly competitive market, banks must leverage technology, but most importantly, they must provide clients with excellent service. This will necessitate a thorough change of the bank’s business and technological levels. For instance, payments used to be primarily made in cash. Today, though, they are device-driven.

Historically, banks have been slow to integrate AI into their operations. Today, AI is primarily utilized for risk management and fraud detection. Most banks are still in the process of expanding AI across their entire organization from limited use cases. Some causes go back in time and may be related to antiquated legacy systems, data silos, a disjointed and haphazard AI strategy, or dated operational paradigms.

“In India, with account aggregator and open credit enablement network becoming mainstream, leveraging AI will become table stakes to differentiate” Rishi Aurora, Senior Partner & FSS Sector Leader, IBM Consulting, South Asia opined.

Important Links:

Recommended for you ...

Tech Mahindra inks MoU with Axiata to develop 5G solutions
Tech Mahindra inks MoU with Axiata to develop 5G solutions

December 01, 2022

City Union Bank authorised to enable GST payments
City Union Bank authorised to enable GST payments

December 01, 2022

RBI authorises Tamilnad Mercantile Bank to undertake govt business
RBI authorises Tamilnad Mercantile Bank to undertake govt business

December 01, 2022

Chat on WhatsApp