NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, November 25, 2019

By Meha Agarwal

We have already established the fact that AI will certainly play a key role in transforming the future of Indian financial services. With various fintech business models in place, BFSI industry is now adopting the AI-based fintech solutions at a much larger scale than ever.

“Most corporates, and increasingly governments as well, are experimenting with how to use AI to improve their processes and outcomes. The fintech industry is no exception and is, in fact, one of the leaders in its adoption,” said Gaurav Jalan, Founder and CEO, mPokket.

And this is not just one opinion. About 32% of financial service providers are already using AI technologies like predictive analytics, voice recognition among others, according to joint research conducted by the National Business Research Institute and Narrative Science. For instance, banks like SBI, Bank of Baroda, HDFC, ICICI, YES Bank and others are already deploying artificial intelligence to streamline the regular processes.

Photo courtesy of Meena Kadri.