The Indian banking, financial services and insurance (BFSI) sector has made significant advancements in recent years, witnessing an accelerated pace of digital transformation. Enterprises across the sector are leveraging futuristic technologies such as artificial intelligence (AI), machine learning (ML), blockchain, cloud and data analytics to streamline customer services and mitigate business risks. Industry players share their views on how these technologies are reshaping the BFSI space in India, the implementation challenges and the future outlook…
What role is technology playing in the BFSI industry? What are the key solutions adopted by your organisation?
Technology is undoubtedly the hero in the BFSI sector. From core banking to software and devices to enable customer onboarding, account opening, fund transfer, credit rating and a number of other features that we take for granted today are possible due to evolved technology that has been designed for this sector.
How are new-age technologies such as AI, blockchain, RPA, big data and cloud transforming the BFSI space? What are some of the key use cases of these technologies?
The new-age technology helps to get the jobs done, faster, efficiently and much more seamlessly than before. For example, using AI, a customer logging into our portal from a particular region, is shown only those options first that most of the people in the region would use. With cloud computing, the solutions are no longer required to be monitored in hyperactive mode or are restricted to a certain geography.
How will the growing adoption of metaverse influence the way banks engage with their customers, deliver services and launch new products in the BFSI sector?
Given the strict guidelines imposed by our apex banking regulator, we will need to see how the metaverse is used for this sector. As a marketing tool, this would definitely open up a new channel for the BFSI sector.
What are the possible impediments and security threats while deploying these technologies? How do you plan to address these?
The biggest impediment according to us is the lack of customer education and financial awareness. We plan to address this by stepping up on increasing financial literacy in rural India, where the consumer is even more susceptible to scamsters.
What will be the future technology trends reshaping the BFSI industry?
The industry is moving towards unmanned banking for the past couple of years and I believe that it is going to become even more apparent in the coming days. People in cities, specifically, prefer to bank without any manual intervention.