Banking on AI: BFSI in the age of artificial intelligence

Megan Wright

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In a world where technology is increasingly pervasive, rapid recent advancements in AI may represent the best strategy for financial services organizations to respond

BFSI hero
Image via Pexels 

Many established players in the banking, financial services and insurance (BFSI) industry are grappling with the challenges presented by nimble digital-led competitors disrupting traditional areas of their businesses. The message, for those who’ve chosen to listen, is loud and clear:

The artificial intelligence revolution is here—disrupt or be disrupted

An enormously powerful tool, AI presents BFSI organizations with the opportunity to curb the growing avalanche of data, and address many of their key competitive and growth agendas.

For customers, AI is a natural progression in the present “how, when and where I want it” demand environment. It represents the opportunity for BFSI firms to move from simply understanding their customers’ financial behaviors and desires, to offering actionable insights and tangible outcomes.

Read more: How AI is transforming financial services

However, as with any far-reaching change, AI generates challenges for the BFSI sector too, including dilemmas over data ownership and cybersecurity, and ambiguity as to who is responsible for AI’s decisions and actions.

Download the AIIA Network's latest whitepaper, Banking on AI: Banking, financial services and insurance in the age of artificial intelligence, to learn more about the key opportunities, challenges and risks AI presents to the BFSI industry.