Artificial intelligence (AI) is fast gaining ground as a must have technology tool among banking and financial services. About 83 per cent of survey respondents cited enhancing customer experience as the top business driver for Indian financial services for AI implementation, said a survey by PwC-Ficci.
The report ‘Uncovering the ground truth: AI in Indian financial services’ also said that more than 80 per cent of respondents from the banking and financial services industry say that they have deployed chatbots to make customer servicing easy.
Sudipta Ghosh, partner & leader – Data & Analytics, PwC India, said, “Maturity of using and adopting AI-enabled solutions with a deeper understanding of not just the business case, technology and data but also the risks around security, privacy and accountability will differentiate the leaders from the rest.”
The survey found that chatbots are the most deployed. Almost 82 per cent of the respondents said they have deployed chatbots to make customer servicing easy. Around 65 per cent of them have deployed fraud detection AI engines, making it the second most common use case in the FS industry, followed by 56 per cent who have deployed virtual assistants.
Vivek Belgavi,partner & leader – Fintech, PwC India, said, “AI is used every day within payments, credit risk, investment recommendations and particularly in the area of intelligent digital assistants that handle regular customer service enquiries and tasks. Indian BFSI organisations looking to move ahead on the AI adoption curve can use AI to boost revenues through increased
personalisation of services and embedding intelligence in automation and digital ecosystem partnerships.”
Despite the rising use of AI, concerns also remain, with almost 60 per cent of survey respondents cited the privacy of consumers and security of data and the approval of the use of AI engines as the biggest concern for AI implementation. Additional areas of concern were the integration, operationalisation and maintenance of AI infrastructure, and the very distinctive and progressive skills required for success in AI.