AI road map for financial services
When it comes to artificial intelligence (AI) adoption in the financial services (banking, financial services, and insurance) sector, India ranks as a global leader. According to some recent surveys by recognised firms, more than 30% of Indian companies have been trying to or plan to maximise value from AI. Fintechs, banking, and software sectors in India are at the forefront of this, leveraging AI for tasks such as customer interface and servicing, credit risk assessments, process and control efficiencies, and automation and fraud detection. The adoption of digital is exceptionally high, and India can boast of the highest fintech adoption. According to a survey, the adoption is 87% compared to a global average of 64%. About 46% of the world’s banking digital transactions occur in India, reflecting the country’s strong digital foundation.
