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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

An AI-led approach to transforming financial services 

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:

  • Analyzing the existing state of the business area and identifying the key transformation objectives
  • Reimagining the business area and identifying the right human-machine interplay
  • Delivering business value