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Banking / white paper
Pranav Karkare
Enterprise Architect, Technology Advisory Group, Banking, Financial Services, and Insurance, TCS
Kishore Banavar
Head, Technology and Transformation Advisory Group, Banking, Financial Services and Insurance, TCS
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Artificial intelligence (AI) technologies have great potential to transform the banking, financial services and insurance (BFSI) industry. Though adoption of AI in banking and insurance is yet to gain impetus, firms have begun to take steps in this direction. In fact, we are witnessing the adoption of AI applications in banking and insurance in areas like fraud detection, wealth management, and insurance processing.
Adoption of AI in BFSI firms can help meet strategic objectives like enhancing customer experience, cost and efficiency optimization, delivering personalized service and improving speed-to-market for offerings. AI-led transformation of the BFSI sector can also enable firms to keep pace with changing regulations and counter competition from new entrants. To ensure a seamless transition, BFSI firms must adopt an approach considering three crucial dimensions:
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