AI in Risk Management: A Game-changer for Banks and Insurers
Artificial intelligence (AI) is reshaping the banking, financial services and insurance (BFSI) industry landscape by making inroads into several functions including risk and compliance management. According to this Chartis Research report commissioned by TCS, AI maturity and the tools used vary considerably across financial organizations. With a few exceptions, AI is still in its infancy in the BFSI industry.
This TCS-Chartis Research report reveals that AI will be increasingly integrated into financial organizations’ risk and compliance frameworks in the long term. The rise of AI in risk management will deliver new insights derived from behavioral analytics and segmentation. For organizations looking to incorporate AI in the risk management function, the report offers:
Given that AI is rapidly evolving in the BFSI industry, the report also discusses AI evolution in different lines of business such as retail banking, commercial banking and capital markets.