Category: BFSI

5 ways Tech is building better customer experiences in Insurance and Banking

5 ways Tech is building better customer experiences in Insurance and Banking

September 28, 2023

Tech innovations have steadily reshaped the insurance industry and banking landscape in recent years. There are several ways in which this digital transformation is enabling superior customer experiences in the space. Multiple financial technology-driven innovations are steadily coming to the forefront and are completely reshaping the sector. For instance, reports state that several insurance players are looking at AI and only a few have upgraded their abilities throughout the spectrum.  One of the biggest trends will be applying AI for disrupting claims, distribution, services, and underwriting, which will create models more familiar as humans in the loop. This enables better customer touch points along with scaling up productivity simultaneously. Distributed infrastructure and cloud will be crucial game-changers along with virtualization and automation in addition to trust architecture. Let us first look at how tech stacks up in the space before examining the ways in which it is creating improved customer experiences.  Where does tech stand in the scheme of things?  Tech innovations are already revamping the insurance industry and here is where they stand currently.  As can be seen, customer experiences can improve in the near future, with suitable financial technology implementation. Here is a closer look at the ways in which the insurance sector has steadily evolved over the last few years.  Benefits that tech brings to customer experiences  Some of these advantages include the following:  Many customers may testify to their insurance experiences improving over the years, particularly with technological advancements. Apps and online platforms have changed the game while multiple background or back-office procedures have also become more streamlined. Technology has also enabled higher cost and time savings for insurance companies while enhancing customer experiences considerably in turn.  FAQs 1. What is customer experience in insurance? Customer experience or CX is the entire process and stages of interaction between insurance companies and customers. This covers queries, inquiries, responses, feedback, guidance, paperwork, applications, claims filing, processing, and more.  2. How can the insurance industry improve customer experience? The insurance industry can considerably enhance customer experiences by lowering claims processing timelines with AI-driven automation. With accurate and swifter evaluation, companies can lower claim payment times considerably. At the same time, they can leverage modern technology to update and remind customers periodically, while using technological tools for responding to customers and providing them ample guidance whenever they need the same.  3. Why customer experience is important in the insurance industry?  Customer experience matters immensely in the insurance industry since it can make or break relationships. Customers may discontinue or not renew policies due to poor experiences in terms of solving their problems, getting information, or completing claims processing or paperwork.  4. What is the best way to improve customer experience?  The best way to boost customer experiences is to focus on resolving customer processes and formalities (including paperwork) in the quickest possible time. At the same time, there should be an emphasis on directing customers to the right resources whenever needed. 

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RBI plans to introduce wholesale CBDC in the call money market soon

September 19, 2023

India is already synonymous with futuristic technological advancements and innovations that extend to every industry. Finance is no exception to shifting global undercurrents and the Reserve Bank of India (RBI) has been at the forefront of several future-first transitions in recent years.  One such move has been the RBI’s move pertaining to the extension of the wholesale CBDC (central bank digital currency) as tokens for the purpose of interbank borrowing or the call money market. The apex bank of the country is reportedly planning this new feature rollout for the RBI digital currency in the near future as per various reports. Here’s what we know so far.  RBI’s big wholesale CBDC initiative Here are some insights as to the RBI’s plans to boost money market efficiency:  PTP will take visitors through the entire framework, beginning from onboarding to the dairy and KCC loan sanction and disbursement processes within a few minutes. It may completely transform rural credit sectors in the future while being used for distributing loans of smaller ticket sizes in the future too (personal loans and MSME loans). The RBI has also worked to showcase its digital rupee and its evolution along with conducting live transactions with the same at the summit. UPI One World will help visitors complete onboarding without possessing an Indian bank account.  RuPay On-The-Go will enable contactless payments through accessories used or worn regularly. BBPS will facilitate cross-border bill payments, complete with easier fintech integration and support for regular financial entities to execute domestic and cross-border transactions alike. RBI’s Innovation Pavilion at the G20 Summit venue saw the announcement being made on the starting of the wholesale CBDC pilot for interbank borrowing either this month or early next month.  The RBI is betting big on this project, with an aim towards touching 1 million transactions each day by end-2023 as compared to 20-25,000 for July. On the other hand, Punjab National Bank (PNB) has also announced its CBDC (central bank digital currency) launch with UPI (unified payments interface) interoperability being a key feature for the digital rupee-based mobile application. As can be seen, there are exciting developments afoot in the Indian banking and financial services industry. The Reserve Bank of India is focusing on technology-backed innovation, an approach that will only enhance operational efficiencies and ecosystem-wide transparency in the near future.  FAQs The call money market (CMM) is the platform for short-term loans that are sometimes one-day loans, traded by financial institutions like banks. Lenders and borrowers in this market are majorly these banks or entities. CMM may be accessed by banks for meeting any reserve needs or for covering any sudden cash shortfalls on any specific date.  Wholesale CBDC will have a positive impact on the call money market. It will transform the interbank market by improving overall efficiency. The usage of central bank money for settlements will lower the costs of transactions greatly. This will be possible by pre-empting the requirement for any infrastructure for settlement guarantees or other collateral for the mitigation of settlement risks.  The RBI is already using e?-R as its retail version pilot for the CBDC while Digital Rupee – Wholesale (e?-W) has also been introduced. The former is similar to a digital token that is representative of legal tender. There are several blockchain technology components that are being used for these initiatives.  The RBI is expected to take several measures towards ensuring greater security for wholesale CBDC transactions. It has already proposed two CBDC structures, namely account and token-based. It has already aligned itself towards the latter for retail while the wholesale sector may get the former. Usage will be secured through tokenization at the retail level, ensuring security against fraudulent payments, duplicate payments, and other issues. There could be dedicated security protocols implemented by the RBI for these initiatives. 

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Social Media Polls of INT- Interesting Revelations That You Should Not Miss

Social Media Polls of INT- Interesting Revelations That You Should Not Miss

September 18, 2023

Analytics are the transformational tech tools of today. This statement is almost undisputable in the current scenario, particularly when you take social media into account. Social media marketing, campaigns, branding, and doing business on these platforms as a whole, is vastly dependent upon analytics today. Generating actionable insights is invaluable for businesses in terms of product or service strategies, customer offerings, feedback, performance reviews and more.  On that note, keeping social media at the forefront, INT (Indus Net Technologies) conducted a unique social media poll. Here are some fascinating revelations that emerged from the exercise, covering multiple industry domains: A whopping 48% voted in favour of analytics benefiting disease diagnosis the most, followed by monitoring health trends. 11% favoured patient outcome predictions while 7% talked about treatment recommendations. Keeping an eye on the pulse merits a statement that analytics will ultimately become the tried and tested tool for monitoring health trends in a more personalized manner while generating continual insights that will ultimately help diagnose diseases more effectively. Faster diagnosis may help in quicker treatment and care strategies that will prevent issues from snowballing into bigger worries for patients. Insurance is no stranger to analytics, having already started leveraging the same for improved outcomes in multiple departments. As per the survey, the highest numbers (39%) were seen in favour of sales tracking, with regard to the domain that benefits the most from analytics-driven reporting and analytics. Claims tracking and risk management got 22% of the vote while market trend identification polled 17%. This indicates that analytics will enable quicker tracking of insurance sales while claims processing will eventually become faster and more customer-friendly due to easier tracking and risk management.  Most businesses are no strangers to billing errors. For a Billing and Premium module, analytics will benefit billing accuracy the most as voted by 41%. A high 27% also voted for its role in enabling enhanced customer insights, while 18% and 14% voted for better decision-making and cost-reductions respectively. As for credit card fraud detection models, analytics are poised to enable early fraud detection the most as per 53%. 19% alike voted for real-time alerts and customer data protection, while 9% voted for precise transaction monitoring. This goes to show a use case for analytics as a tool towards swiftly detecting frauds by identifying anomalies and fraudulent patterns. It will help companies stem fraud losses greatly in the near future. Respondents were asked about the potential benefit that they found most attractive for an insurance call volume prediction model. A high 45% voted in favor of enhanced customer service, while 36% voted for improved resource allocation. It indicates the potential of tech-driven models for helping insurers improve customer service standards while also streamlining allocation of resources to save time, energy and costs. 18% were in favor of proactive issue resolution while one voted for effective call routing. With regard to boosting accuracy levels of demand forecasting, 53% voted in favor of time series analysis while regression analysis was favored by 19% of respondents. 11% voted in favor of simulation models while 17% were in favor of data mining. These insights offer clues into the preferred paradigms for the space going forward. Customer feedback management is a key aspect for most businesses today, in an increasingly customer-is-king landscape. With regard to the customer feedback management aspect that may benefit the most from GenAI and other AI integration, 58% voted for real-time sentiment analysis. 21% alike voted for actionable insights detection and personalized customer responses. Going by these findings, it is apparent that feedback management will be drastically revamped in the coming days with companies utilizing sentiment analysis in real-time to shape decision-making and plug gaps. The INT social media polls were an exhilarating exercise, throwing up interesting insights, linked to the future potential of AI and analytics for various use cases. The results are fascinating to say the least and may indicate the direction that the wind is blowing (to take liberties with the phrase).

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How Insurance Companies Can Leverage Tech For Good When Things Feel Bad

How Insurance Companies Can Leverage Tech For Good When Things Feel Bad

September 11, 2023

Insurtech innovations have rapidly changed the industry landscape in recent years. The growing advent of digital transformation has also led to a paradigm shift in the insurance sector. After several life-changing events in the last couple of years, the world is at a crucial juncture where diverse natural, geopolitical, and cultural aspects are steadily intertwining. This is leading to something of a widespread crisis. With multiple overlapping issues, it becomes more challenging to fix them all, based on their origins and unique aspects. Rather than getting down to the brass tacks of every individual problem, businesses can focus more on making a difference by tackling what can be called the cumulative impact of such circumstances on the masses.  This is where technology has become an immense enabler for ensuring higher support and assistance in unique ways, right from delivering supplies during disasters to boosting mental health and wellness and more. Here is how an industry like insurance can also leverage technology to do more good when things do not quite feel right from a sociocultural perspective.  A Multi-Dimensional Insurance Shift  Digital transformation in the insurance sector holds the potential to do more good than ever before. The industry has always had to deal with numerous complications, including the difficulty of marketing and selling products that people may not require. Yet, due to the risk management and financial security insurance provides, suitable offerings may also promote wellness which is an oft-neglected aspect of what it can do very well.  An increasing number of health and life insurance policies are now providing wellness benefits including fitness memberships, mental health services, preventive health screenings, and a lot more. This is enabling customers to focus on their health requirements, thereby impacting their quality of life positively amidst the crisis mentioned earlier. Here are a few aspects where insurtech innovations can bring the doing good bit into the picture:  How It All Stacks Up  Insurers can do good in multifarious ways as highlighted above. They can use technology to improve customer access to necessary offerings, streamline policy purchase and issuing procedures, underwrite risks more effectively and personalize offerings. They can also ensure faster claims and engagement with customers for better experiences.  At the same time, Gamification will help them create an ecosystem where positive healthy behaviours are encouraged. Companies, however, should be careful about integrating multiple teams to take care of everything seamlessly, right from product development and sales to underwriting and more. They should create digital frameworks to implement analytics and gather customer feedback in order to come up with suitable solutions accordingly.  The eventual goal is to make insurance something of regular or everyday value to customers instead of a future safety net that is tucked away in the financial portfolio. Insurance is estimated to have assets worth $13 trillion worldwide although it does not still have the customer trust that it deserves. Studies have discovered how a whopping 68% still do not trust their insurance companies, while there is negligible delivery of value or engagement on a daily basis. Hence, there is a pressing requirement for insurance companies to scale up regular engagement with the customer base. With 70% and more of deaths resulting from chronic ailments as per reports, there is a growing need for insurance companies to prioritize tech-driven initiatives that contribute towards improving the daily well-being and lifestyles of customers. Technology is the game-changer in this case, something that can truly take the industry forward towards positively impacting more people amidst challenging and stressful times.  FAQs Technology can vastly contribute towards better agility and customer-centric approaches in the insurance industry. It can help streamline and automate repetitive procedures to ensure faster policy issuing, documentation, underwriting, claims processing, and payouts. It can also help contribute towards improved wellness through greater personalization of offerings and behavior-linked products. It can help enable value-added services for customers that enhance their overall well-being and quality of life.  Net leverage is a significant term in the insurance sector. It is the sum total of the net written premiums ratio of an insurance company and the net liability ratio. This figure helps work out the exposure of any insurance company towards errors in pricing and the estimation of claims. It is used to effectively assess the financial health of insurance companies.  Several emerging technologies hold immense potential in the insurance industry. Some of them include artificial intelligence (AI), machine learning (ML), data-driven analytics, Gamification, automation, trust architecture, IoT (Internet of Things) and more.  The insurance industry has leveraged technology for faster claims processing and underwriting along with using big data and reporting through the visualization, collection, and analysis of data. They are also tapping predictive analytics to predict customer actions and behaviours that may lead to claims. Customers are getting increasingly personalized offerings based on their health-related and other behaviours. Several value-added resources are being offered to benefit and retain customers, while automated claims processing is enhancing overall convenience greatly. These are only some of the ways in which the insurance industry is leveraging technology to drive growth. 

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INT. News Wrap Banking

Banking & Finance News Wrap | Weekly Snippets September | Indus Net Technologies (INT.)

September 8, 2023

✔️https://newspatrolling.com/research-ranking-launches-indias-ai-driven-financial-mentors-vasu-and-vidya/  Introducing Vasu and Vidya, the new AI-driven financial mentors from the house of Research & Ranking that will transform how individuals perceive and understand various finance-related topics.  ✔️https://www.financialexpress.com/business/digital-transformation-bybit-creates-an-ai-powered-tradegpt-3233264/ TradeGPT is here to transform the trading game with its cutting-edge AI insights and predictive power,  courtesy goes to TradeGPT’ – Your Ultimate AI-Powered Trading Companion. This will generate trading insights and answer technical questions from its market data ✔️https://www.consultancy-me.com/news/6682/emirates-nbd-looks-to-leverage-the-power-of-generative-ai Emirates NBD is harnessing the incredible power of generative AI to shape the banking of tomorrow. This will include leveraging Github Copilot X, and will also have exclusive access to Microsoft 365 Copilot. ✔️https://campaignbriefasia.com/2023/08/31/digibank-indonesia-redefines-smart-banking-with-innovative-ai-powered-campaign-from-nada/ DigiBank Indonesia is rewriting the future of smart banking with a groundbreaking AI-powered campaign, courtesy of NADA. 

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Rise of Sustainable Investing

The Thriving Intersection of Finance and Sustainability

September 6, 2023

Financial sustainability is a term that has created a buzz across global circles. Put together finance and sustainability as concepts and what you get is this new paradigm that could well become a future trend. More companies are now inclined towards making sustainable investments in line with their social responsibility blueprints. Human rights issues, climate change, and various other aspects have led to sizable growth in sustainable investing over the last few years. Reports estimate how 36% of all global assets in 2021 had a sustainable connection in one form or another. This indicates 14% of growth from 2012 (22%). Hence, it can be stated that financial sustainability is going to be a major trend in future years. Here is a closer look at the same below. The Rise of Sustainable Investing Sustainable investments have grown considerably over the last few years. There has been a major shift from the exclusionary perspective towards investing to the integration of ESG (environmental, social, and governance) assessments in the conventional spectrum. Here are some more pointers that will serve to illustrate this point better: However, there are some hurdles to be encountered for sustainable investments in recent times. Let us examine these aspects below. The Challenges of Sustainable Investing Sustainable investments may run into a few challenges as mentioned above. These include the following: There could be more policy and regulation-based programs that will make several such issues more visible and help bring about their solutions. The future of sustainable investing looks bright from the current standpoint. Here’s a brief look at the same below. The Future of Sustainable Investing The future of sustainable investments or ESG investing should witness higher activity in this space. Here are some trends that should be noted. Sustainable investing is thus set to enter the contemporary financial lexicon in the near future and in a big way, going by the current trends. More investors and companies will look to put their money where their social priorities lie. This will undoubtedly bring about a massive transformation in the global business arena. FAQs 1.How are financial institutions incorporating sustainability principles into their operations and decision-making? Financial institutions are integrating sustainability principles into their decision-making and operational policies. They are looking at avoiding investments with negative environmental or social consequences. They are also looking for more investments that concentrate on social responsibility and environmental sustainability. 2.What role does sustainable finance play in addressing environmental and social challenges? Sustainable finance has a vital role to play in tackling various social and environmental challenges. This is ensured through deploying investments in initiatives and organisations that can contribute towards positive social and environmental changes. It will stimulate ethical decision-making and good governance, along with enabling transitions towards environment-friendly performance with time.  3. What are the key drivers behind the increasing demand for sustainable investments in the financial sector? The major growth drivers behind the higher demand for sustainable investments in the financial sector include growth in awareness of various global issues. These include the need for environmental sustainability, climate change, ESG goals, the United Nations sustainable development goals, and responsible investing approaches.  4. What role does regulation play in promoting sustainable practices within the financial industry? Regulations have an important role in the promotion of sustainable practices in the financial industry. They may be used for making disclosures compulsory, along with offering common frameworks for measuring performance and impact. ESG asset management and banking standards can also be enabled by regulations. They will make organisations abide by defined codes of conduct and activities. 

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INT. News Wrap Banking

Banking & Finance News Wrap | Weekly Snippets August | Indus Net Technologies (INT.)

August 25, 2023

✅ Vijay Shekhar Sharma addresses Paytm’s next big step that encircles around the introduction of an AI-powered financial risk management system. https://www.bqprime.com/business/paytm-building-ai-powered-financial-risk-management-system-says-vijay-shekhar-sharma ✅ IBM is bringing change to the developer community with its all-new AI-based WatsonX Code Assistant for Z that will empower smarter, faster, and more innovative coding experiences. https://www.financialexpress.com/business/blockchain-ibm-unveils-ai-based-watsonx-code-assistant-for-z-for-developers-3218532/ ✅ Wells Fargo adopts the future of banking with a surge in tech spending and a focus on AI integration. https://www.bizjournals.com/sanfrancisco/news/2023/08/22/wells-fargo-weighs-in-on-ai-as-bank-eyes-surge-in.html ✅ Reserve Bank of India (RBI) gears up to add conversational payments to the Unified Payments Interface (UPI) to facilitate both C2C and C2B transactions. https://www.fintechfutures.com/2023/08/ai-powered-conversational-payments-to-launch-on-indias-unified-payments-interface/

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Banking & Finance News Wrap | Weekly Snippets

August 11, 2023

💡 From budgeting hacks to in-depth investment insights, get ready for a whole new level of banking with Bud Financial’s Bud.ai, a generative AI-powered platform tailor-made for hyper-personalised banking. 💡 Alkami’s newly launched AI-powered predictive model aims at empowering financial institutions with account holder identification, customer behaviour demonstration, account retention and more. https://www.marketscreener.com/quote/stock/ALKAMI-TECHNOLOGY-INC-121300011/news/Alkami-Launches-First-Engagement-Artificial-Intelligence-AI-Predictive-Model-for-Financial-Service-44566022/ 💡 Microsoft and Aptos Labs are fusing blockchain and AI into a dynamic duo that will make banks’ financial data impenetrable and empower razor-sharp decision-making. https://www.finextra.com/newsarticle/42762/microsoft-and-aptos-labs-partner-to-combine-blockchain-and-ai-for-banks 💡 The Federal Reserve is stepping up its game by turning its gaze towards crypto and banking. https://uk.investing.com/news/cryptocurrency-news/federal-reserve-unveils-oversight-on-crypto-tech-in-banking-3116532

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Banking & Finance News Wrap

Banking & Finance News Wrap | Weekly Snippets

July 28, 2023

✅ Fraud protection just got a massive upgrade as Mastercard unveils its AI Tool to combat APP scams worldwide.  https://www.livemint.com/ai/artificial-intelligence/mastercards-new-ai-tool-will-help-banks-tackle-app-scams-globally-11688603976444.html ✅ TotallyMoney joins forces with Bud to introduce an AI-powered Payments Tracker that will help users with tracking expenses, personalise spending recommendations, and more. https://thepaypers.com/online-mobile-banking/totallymoney-partners-with-bud-to-launch-ai-powered-payments-tracker–1263564 ✅ After the likes of Facebook and Google, Elon Musk takes the leap into the world of Super Apps with Banking on X https://www.bloomberg.com/news/articles/2023-07-25/elon-musk-pursues-banking-in-wake-of-rivals-failed-attempts ✅ Cyber Police tracks banking fraud in Kozhikode. The forgery was worth ₹40,000 and the scammers took the help of AI tools to run the operation. Read more. https://www.thehindu.com/news/cities/kozhikode/banking-fraud-using-ai-probe-in-full-swing-to-track-suspects/article67116085.ece

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INT. Pulse

 Close shave – Thank your asteroids.

July 27, 2023

Dear Colleague, we woke up today with a bit of a ‘dinosaur feeling’. 🦖 How Come? The Jurassic emotion was a direct result of finding out that a house-sized asteroid is making a very close pass of our planet today.  Fyi, when faced with the wrath of such a rogue rock, the dinosaurs were not so lucky, and that’s evident because these days you are filling up their remains in your car’s fuel tank.  🦖 + ☄️ = ⛽ What’s On The Rocks? As you read this, Asteroid 2018 BG5, a space rock from the Apollo group of near-Earth asteroids, will fly by earth (July 27,2023) at a speed of 30,094 kays an hour, per NASA’s Center for Near-Earth Object Studies (CNEOS).  The asteroid will come as close as 4.1 million kilometers to us – a distance which may seem large, but it is relatively small in astronomical terms, considering the vastness of space and the size of the asteroid. Should You Withdraw All Your Savings? No. No. NASA’s best have assured that there is no risk of impact with Earth today or in the foreseeable future. ⚠️ However, even a small asteroid can cause significant damage if it enters the Earth’s atmosphere, as shown by the Chelyabinsk meteor event in 2013, when a 59 feet asteroid exploded over Russia, injuring over 1000 people and damaging nearly 8000 buildings. STATS: Sorry, The Doctor Isn’t Available Life sciences leaders, heads up. Are your sales reps getting the cold shoulder/elbow nudge from doctors more often these days? Turns out, they are not trying to hoodwink your system while catching up on Oppenheimer during office hours. Yeah? How Is That? A new CMI Media Group survey of physicians across countries is providing fresh evidence that face to face meetings with doctors is becoming a rare commodity since COVID-19. When asked, 25% of the doctors reported reducing face-to-face interactions. With another 10% of doctors permanently closing their doors for reps, the survey suggests pharmaceutical companies will find it increasingly tough to put their drugs in front of ~35% of physicians via the traditional in-person route. Aha. What Could Work Then? To start, how doctors utilise their time roughly maps onto the value they place on each touchpoint. Print and online journals are on top, with 79% finding them very or extremely useful. Pharma reps on the other hand, are pretty much down on the attention radar. Only 33% doctors find reps very or extremely useful, placing them below resources like medical websites and unbranded disease education from biopharma. Bonus Data Points 🍎 99% doctors engage with print/online journals or medical websites at least once a month. 🍎 75% also engage with search engines and email, online drug references, direct mailers, medical apps, professional online communities, brand emails, medical videos on YouTube, and medical podcasts. The doctors’ world is clearly leaning towards an omnichannel approach. If you need to explore such a strategy, chat up with Anindya, our resident Life Sciences man. Psst, he curates the most amazing conversations over ☕️. Ai & ANALYTICS: The Chatbot Will See You Now Unlike physicians who are reducing their face time with med reps, did you know chatbots have no pressing personal issues (yet) and are doing mankind some sterling service?  I Do  This blurb refers to securing consent from humans for stuff like clinical trials and other life sciences related studies, where, hold our battery pack, chatbots are doing very well.  Seriously? Yo! Results from a study of the use of a chatbot in the consent process show that it encourages inclusivity, and leads to faster completion of the process with high levels of understanding.  On the flip side, the traditional method of securing consent lacks a mechanism to verify understanding objectively, just like all the web forms we give consent to without understanding zilch of the fine print.  Comparatively, the chat-based method can test comprehension, disqualifying users who do not show understanding to give consent; rather, it puts them in touch with a genetic counsellor to figure out why knowledge transmission did not occur.  Pretty dang smart for a piece of software, talking of which, we have a whole bunch of AI-powered chat bots held in a big steel vault behind Dipak’s office desk. Get in touch with him to deploy one for your business.  BFSI: A Single Source of Truth We’ve been swamped with news, stories, videos, and you-name-it, all revolving around artificial intelligence, once prompting OpenAI’s CEO to say, people are ‘begging to be disappointed’ about GPT4, meaning let’s water down the hype, please.  But amid all the speculation and noise, what are the most achievable, real world uses of AI?  The BFSI Space Is A Great Start, We Say The BFSI sector is flourishing with AI tech integrating with many functions, from the digital KYC verification process to evaluating credit scores.  However, to quench the thirst of the customer base accustomed to the convenience of digital tools, the industry needs to deploy more AI tech, the first among them could be;  Customised Experience: Because of the very nature of the trade, BFSI players have always had a finger on consumer pulse. Time to take that to the er, bank. Their spending patterns and investment portfolios can assist BFSI businesses to build relevant, personalised messages, enabling them to better present their products and services across various platforms, improving acquisition and loyalty.  This is where AI and data analytics shine, delivering value by creating a single source of truth from an ocean of data from within and outside the business.  Fraud Detection: While the original BFSI fraud detection model is focused on detecting fraudulent transactions – an area where generative AI has added a powerful weapon to the fraud detection arms depot – a gap remains.  You guessed right, detecting fraudulent human behaviour. Fraud does not happen in vacuum or underwater. People commit fraud.  AI can also be deployed to comb through the field of behavioural indicators. It’s time to task AI with sifting through the subtleties of human communications — written

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