Artificial Intelligence for Banking, Financial Services & Insurance Sector

NASSCOM-CMR report on AI for BFSI analyses how AI is shaping up in the BFSI space. It covers the business objectives, challenges, and future plans of IT decision makers around AI. The report also covers the growing eco-system of AI based start-ups in India. AI technology is here to stay and this report can act as a good reference point for decision makers and implementers from the BFSI space to start their journey.

Key Findings

1. Choosing Between AI Offerings is a Challenge due to Inadequate Standards

A majority of Indian CIOs and IT Decision makers we surveyed find it difficult to distinguish between AI offerings from different vendors. Some are not confident of the outcome they would deliver, while others don’t understand how to plug it into their existing setup. There’s no standard framework available to guide them with their selection process.

2. There’s a Need to ‘Indianize’ AI Products

Some CIOs feel that the Indian regulatory framework doesn’t allow capturing personal information of individuals. As a result, it becomes challenging to truly understand customer needs. AI tools for data capturing need to factor this in and help the BFSI segment to truly understand customer behaviour.

3. Proactive and Personal Customer Support are Top Business Objectives

The clear business objective of IT Decision Makers of Indian BFSI companies is to use AI and offer a more proactive and personal Customer experience at a lower cost.

4. Training the Deep Learning system an issue while deploying AI

Data Management is a key issue while deploying AI, whether it’s to train the deep learning system to work efficiently with less data or structuring the data as per the needs of an AI system.