Indeed, the BFSI sector continues to embark on its journey towards digital transformation. In fact, banks reportedly account for over 50% of the market share in terms of AI for the BFSI sector. To be more specific, a growing number of banks are now working with fintech companies to upscale their business and enhance customer services.
Furthermore, it seems like the growth of AI usage in the BFSI sector is simply in the right place at the right time. The reason being, the initiative of banks to go digital is coupled with the government’s efforts to advance cashless banking.
Most reports reveal that one important motive behind the adaptation of AI is to improve customer experience. It’s no secret that BFSI organizations aim to make a good impression on their customers; they believe that using advanced technology and solutions may well be the way to achieve just that.
As a result, several financial institutions already began using analytics tools to better understand the needs of their customers; they analyze customer data and implement AI solutions to make smart decisions that would improve the overall experience of customers. Additionally, the BFSI sector is also looking at the potential of smartphones, internet connectivity, and other technological advancements to streamline banking operations.
To sum it up, financial institutions are gearing up for the ultra-modern business world by being AI-ready. Meaning, we could expect more chatbots, fraud detection tools, and visualizations than what we already have in the BFSI sector. This is expected to shake up banks, wealth management institutions, even the insurance industry — hopefully, in a good way.