Kalpesh Mehta, partner, Deloitte India, speaks about the transition AI is bring to the financial services industry:
Artificial intelligence is no longer artificial, but in the realm of reality and an integral element of our daily lives, says Kalpesh Mehta, Partner, Deloitte India. “A blend of machine learning, cognitive computing and natural language processing, AI has a huge relevance in banking and financial services and the applications can range from improving workforce productivity, enhancing the customer experience, driving innovation in financial products, launch of new business models and ensuring regulatory compliance,” says he.
He explains that the range of applications of AI in banking range from anti-money laundering pattern detection, chatbots in managing customer relationships, algorithm-based trading for high frequency trades, fraud detection and driving customer recommendations based on customer preferences and past financial history. And Indian banks have started using AI - for example the use of chat bots for advanced customer services or use of natural language processing to help customers with financial and non-financial transactions or get in touch with the bank executives for products. The other uses are streamlining systematic and data focused banking operations for example in risk management and managing delinquencies, he adds.
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