AI has crept its way into financial services via chatbots, credit sanctions, ID verification, RPA, claim processing, and fraud check. But financial services don’t wholly function on AI like other projects are in early stages of launch, says Varun Sridhar, Lead realme PaySa.
AI has moved from being coffee corridors chatter to making interesting use cases. AI is the new gold.
- Increased availability of digital footprint/data/ triangulated data.
- Availability of skilled data scientists willing to disrupt leveraging data
- An abundance of PE/VC funds
Indian companies have realized the benefit of competitive advantage and high returns that machine learning has to offer.
Realme PaySa, a leading smartphone company, is currently evaluating the use of AI/ML to save customer cost, improve the user experience, or improve access to financial products while respecting their privacy.
AI can benefit both the financial institution and consumer by incorporating the following AI use cases in retail financial services.
- A different APP for every user: a customized APP that keeps evolving automatically for every individual requires combining TBs of data. This could do wonders for security, simplicity, and customer education.
- Lower pricing based on you and your job: automatic sharing of user’s activities with relevant financial institutions could increase or decrease a customer’s yearly life insurance premium depending on his well-being in real index time.
Growth of AI in the Indian FinTech industry raises concerns like unfair competitive advantage, data privacy, incorrect decision based on lack of human involvement. But AI in FinTech has opened the door to unbound success and the possibility of implementing new use cases.
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