RISING PROWESS OF AI
AI ENHANCES RISK ASSESSMENT BY ANALYSING BEHAVIOUR AND PREDICTING OUTCOMES
AI STREAMLINES WEALTH MANAGEMENT BY AUTOMATING TASKS AND IMPROVING SERVICE
IT IS TRANSFORMING DIGITAL LENDING WITH MORE ACCURATE CREDIT EVALUATIONS
ACCOUNT AGGREGATORS ENABLE SECURE, CONSENT-BASED SHARING OF FINANCIAL DATA
AI-POWERED TOOLS PROVIDE PERSONALISED FINANCIAL ADVICE BASED ON TRANSACTIONAL PATTERNS
IN TODAY'S ARTIFICIAL Intelligence (AI)-driven world, everything is just a click away—from munchies to mobile phones. Financial management in India is not far behind. AI is reshaping how people budget, invest, and borrow. A report by PwC India, a professional services brand, released in August titled "Mapping the Fintech Innovation Landscape in India", revealed that 90% of Indian financial institutions are focussing on AI and Generative AI (GenAI).
This shift aligns with consumer behaviour in metro cities, where 70-80% residents regularly use mobile apps. As a result, managing personal finances through apps has become the norm.
In addition to the rise in mobile app usage, India's Digital Public Infrastructure (DPI), including Aadhaar, UPI, DigiLocker, and the Account Aggregator (AA) ecosystem, has created a favourable environment for AI to thrive in.
B. G. Mahesh, CEO of Sahamati, an account aggregator, concurs. "Aadhaar has established a standardised identity framework, while UPI has significantly popularised digital transactions," he says. These innovations have generated robust digital footprints or "digital assets", unlocking new possibilities for data-driven financial services like collateral-free loans, he adds. "However, much of this data was historically siloed".
Here's how AI is changing financial habits:
This story is from the January 19, 2025 edition of Business Today India.
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This story is from the January 19, 2025 edition of Business Today India.
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