Artificial Intelligence - Transforming the Financial Industry | Article by Ankit Agarwal Alankit | Alankit.com
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Artificial Intelligence Transforming the Financial Industry

MD Article November 2023 Nov 09, 2023

The financial industry has embarked on a remarkable journey through the digital age, with the emergence of Artificial Intelligence (AI) representing a pivotal phase. This technological evolution began with the internet and has since advanced through various stages of digitisation, making AI alter the very fabric of the financial world.

AI focuses on creating intelligent machines capable of tasks akin to human cognition. In the Banking, Financial Services, and Insurance (BFSI) sector, AI has become a transformative force, reshaping how products and services are delivered.

AI in Banks

Contemporary financial institutions prioritise data over traditional measures like asset size, highlighting its central role in fostering innovation. Artificial Intelligence (AI) is pivotal in reshaping the banking sector's service quality and operational efficiency.

In the Banking, Financial Services, and Insurance (BFSI) industry, AI's disruptive potential is harnessed in elevating the quality of services provided. Chatbots provide continuous customer engagement, handle account openings, and streamline inquiries. Fraud detection has evolved from rule-based systems to proactive AI solutions, effectively identifying irregular patterns and anomalies. This transformation underscores the industry's adaptation to data-driven strategies, reflecting a paradigm shift in its operational landscape.

Customer Relationship Management is now personalised with facial recognition and voice commands, making interactions more convenient. Predictive analytics, powered by AI and Machine Learning, enable accurate forecasting in areas like revenue and risk management. Credit risk assessment is becoming more AI-driven, improving accuracy and minimising credit losses.

In this AI-powered financial landscape, success is no longer just about assets; it's about using technology to create innovative, personalised offerings. The BFSI industry is embracing AI to deliver cutting-edge services, ensuring that data becomes a powerful tool for business growth and customer satisfaction.

About The Author
Ankit Agarwal Managing Director Alankit Limited

Mr. Ankit Agarwal, the Managing Director of Alankit Limited, is a qualified Chartered Accountant and an Associate Member of the Institute of Chartered Accountants of India. Mr. Ankit Agarwal has an exceptional track record in the field of Finance, Accounting, Process Enhancement, Liaising, and Coordination, as well as Research activities.

Under the leadership of Mr. Ankit Agarwal, Alankit has become a globally recognised organisation. With more than 13 years of experience as a market analyst and visionary entrepreneur, Mr. Ankit Agarwal has led business operations across multiple sectors, from high Tech to Government and Fintech sectors.

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