There has been a substantial rise in the application of artificial intelligence as well as machine learning tools within the BFSI segment. These intelligent tools are aiding the banking sector to overcome challenges surrounding customer service. It is also improving operations along with the services. It implements in several aspects of the banking industry.
The Stamford firm’s 2019 CIO Survey of 3,000 executives in almost 89 countries established that AI implementation has grown enormously to approx. 270 % in the past 4 years and around 37 % last year.
Faisal Husain, Co-founder and CEO, Synechron stated that, the data-intensive nature of the BFSI sector has made using AI imperative for data sorting. Industry players are also using AI, ML, natural language processing (NLP), virtual assistants and deep learning to enhance their capabilities. AI is mostly present in the form of chatbots for conversational banking or as robo-advisors in wealth management. Globally, we are seeing a convergence of AI with blockchain to automate back-office operations and customer management. Wealth management industry is leveraging AI and ML algorithms to detect stock market movements. This is done real-time and also helps manage client portfolios.
Banks are now belligerently establishing AI intelligence into their processes.
Light Information Systems that has established NLP Bots, has instigated AI in banks for risk mitigation, marketing, customer care etc.
Animesh Samuel, Co-founder & Chief Evangelist, Light Information Systems, states that the AI tools play a vital role in Visitor Management, Targeted Advertising, Risk Mitigation, Customer Care plus Employee Care.
He also clarifies that AI assistants are aiding consumers with several aspects. These include requesting appointments after the pre-sanctioning of loans on the basis of the documents uploaded.
When it comes to customer care, AI solves several customer queries related to loan status, transactions, balances, procedures, branches, etc.