AI will change the banking sector..!?

Artificial Intelligence has emerged as a transformative force in the banking, financial services, and insurance sectors, which are advancing at breakneck speed. It demonstrates the ability to change routines and excel. As financial institutions move into wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital applications like never before, artificial intelligence is taking center stage. AI offers more applications that will revolutionize the industry. From improving services to customers through personalized services to reducing risks through advanced predictive analytics, AI has shown its versatility in banking. Chander Damodaran, Global CTO, of Brillio, says the myriad applications of generative AI in the financial sector are helping to streamline processes, streamline operations, and empower decision-makers.
Cloud and AI are two major technological forces. Specifically, in the BFSI sector, we see generative AI enabling three types of things. First, engineering productivity is driven and repeatable through co-pilot-led development and testing. Second, it facilitates automation in business operations and non-critical business operations. Third, it enables data-driven decision-making or regulatory compliance by embedding AI in product portfolios. It also performs fraud detection, credit scoring, and claim processing. AI is increasingly being used by fraudsters in large-scale data thefts, fraudulent transactions, claims, etc. It thus underscores the need for robust and proactive cybersecurity practices. At Brillio, we believe that AI is not just a technology, but a fundamental building block of IT in the future. We address these challenges through data, process, and model governance to ensure that there is no bias impacting the quality of results. We follow responsible AI principles in every engagement with human intervention and reinforcement learning to maximize overall accuracy. Also, we ensure verified access to critical assets and data by implementing zero-trust and multiple-platform security. This comprehensive approach enables BFSI organizations to make data-driven decisions, improve operations, and maintain trust with customers and stakeholders. Following are the three key guidelines that will pave the way for the BFSI sector: 1. Build with AI: AI is not just a background processor but an active co-creator. Driving innovation, personalizing experiences, improving operations, and reshaping industries. AI will be a co-pilot that will see widespread use in customer experience, product engineering, and business operations. 2. Decentralize and Democratize Data: This implies a shift from traditional, integrated data management to a more democratized model. This approach decentralizes data ownership and decision-making. Improves data security and privacy. Fosters innovation and collaboration on a global scale. 3. Modular organizations: These will facilitate seamless integration of existing IT investments, practical innovation choices, and data-driven decision-making. These enable BFSI businesses to respond to evolving customer needs while fostering collaboration.
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AI in banking

Sowmiya Sriram

22/02/2024 07:33 PM