Artificial Intelligence for Banking, Financial Services & Insurance Sector

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Key Insights:

 

75% surveyed BFSI respondents Agree a Strong Need for AI in BFSI

61% Agree that AI can dramatically improve their Operational Efficiency

42% Already implementing AI in their processes

 

Top 3 use cases for AI implementation -

  • Proactive fraud detection and prevention
  • Voicebots/Chatbots for Customer Service
  • Robo-Advisors for financial advisory

 

Challenges to AI implementation

  • Lack of adequate training data
  • Lack of common standards
  • Identifying the right vendor
  • Finding the right talent

 

Best Practices

  • Identify the right BU and build a strong Business Case
  • Prepare a Data Management Strategy
  • Provision time for Self-learning
  • Continue testing of AI models even after Roll-out
  • Ensure AI outcomes are correct, practical and useful
  • Upgrade to a software defined infrastructure
  • Use Public and Private cloud for AI workloads
  • Get the right skills – Data Scientists, Infrastructure Management, Trainers, and DevOps professionals

 

NASSCOM’s AI Initiatives

  • FutureSkills Platform
  • AI and Data Sciences CoE
  • Evangelisation
  • AI Start-ups
  • Showcases and Awards
  • Research Reports

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