Technology & Indian BFSI sector

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Technology & Indian BFSI sector

Sanketsahni

@Sanketsahni

June 13, 2021

BFSI Fintech

617

The BFSI sector in India is rapidly changing for the better. With the evolution of innovative, new-age technologies like Artificial Intelligence (AI), Machine Learning (ML), and more, digital banking is climbing new heights.

We are witnessing a revolution in the fintech world that has transformed the banking industry into a far more efficient and profitable business. Many people are inclining towards digital interactions and transactions with their banks.

Artificial Intelligence (AI) and Machine Learning (ML)

The brilliance of AI and ML has successfully helped banks and financial service providers to provide frictionless and innovative banking operations. AI-powered technology like optical character recognition (OCR) enables auto-filling user details from their document proofs in customer onboarding. AI and ML are excellent in preventing fraud and offering automated product recommendations to the users.

Whether it is about onboarding a new customer or granting a loan, all details and processes have to comply with regulatory bodies. AI and ML play a major role in compliance management.

Financial APIs

Financial APIs (Application Programming Interfaces) are one of the most important technologies used in digital banking. APIs connect with the application and allow interactions, transactions, payments, and sharing of information.

Financial APIs take care of operations like KYC, the credit assessment, retrieving information while filling out forms, e-sign, etc. Some specific open APIs allow third-party vendors to access consumer accounts, known as open banking. Open APIs can help the customers with additional provisions and services by letting third-party vendors access their accounts.

Cloud technologies

Digital banking has ramped up the customer onboarding rates, and with a growing number of customers also comes an increased amount of data. Cloud technologies are the most optimal way to store, organise, and retrieve data.

Powerful cloud-based technologies can be immensely beneficial for building essential statistics and deriving valuable insights to boost customer onboarding rates.

The emergence of banking technologies has changed the fintech industry. With the pandemic, and restrictions in place, multitudes of banks and FIs are modernising their infrastructure to support digital banking.

Banks need to be clever about upgrading their existing infrastructure by facilitating a seamless and frictionless customer experience. The perfect balance between compliance and user experience to hike your customer onboarding rates, is needed.

Banks and financial service providers have to embrace digital banking and imbibe the essence of all these cutting-edge technologies to outstand the competition. With flawless finance software, endless opportunities and upcoming technologies, the Indian BFSI sector is heading towards a bright future.

artificial intelligence machine learning

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