Leveraging AI and ML for a future-fit industry

Modern technologies like Al and ML help businesses analyze risk cases and identify early signs of potential future issues. These are accelerating digitization and, eliminating silos and manual operations

- Suman Singh

Technology and innovation are reinventing how banks, insurance companies and financial institutions continue to operate. Modern processes, empowered by Artificial Intelligence (AI) are accelerating the digitisation of every financial service, one product at a time while augmenting revenues substantially. In a recent insights report, Mckinsey estimated that Al can generate up to $1 trillion additional value annually for the global banking industry.

Banks aiming to upgrade their personalization initiatives, improve conversions, eliminate silos and manual operations, are increasingly leaning towards advanced AI and Machine Learning (ML) technologies and platforms to achieve this.

Looking forward with Al and ML

If Banking, Financial Services and Insurance (BFSI) companies seek to thrive in the new economy, they must leave behind cycles of unproductive efforts using legacy systems and rather invest in integrated and agile data accelerator, data processing models, and algorithms that are easy to navigate and share. By adopting an Al-first mindset in the long run, banking and financial service institutions can overcome traditional holdbacks and gain the necessary technical edge required to succeed in fast-paced ecosystems.

One of the key challenges for financial service enterprises is to identify, target and reach the segment of customers most likely to be interested in the products being offered. Highly automated Al and ML models, improve customer engagement, only with a few steps, enabling BFSI businesses to anticipate customer needs and behaviours effectively, and enhance customer interactions.