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Apple, Paypal and others, jumping on the bandwagon and by the digital revolution, particularly social media and
developing their own payment gateways. This decreases the mobile. An increased demand for more choice and control
dependence on physical cash, thereby expanding the reach in how they interact with a bank is on a rise. Sluggish
of money to greater levels. payment processes will be a thing of the past as Blockchain
is set to inculcate the advantage of real-time payment
Underwriting process, hastening up the procedure of payment, thereby
increasing support and satisfaction.
The insurance sector is also coming up with a storm as they
are moving towards congruent automation. By utilizing AI
systems that automate the underwriting process, the Sales and Trade Forecasting
organizations come armed with more granular information Through history of data, by using the predictive analytics we
to empower their decisions. can forecast the sales and future stock prices related to
funds, banks and equities. Then deduce a decision for
Voice Assisted Banking investment and other financial activities.
Physical presence is slowly fading away as technology
empowers customers to use banking services with voice Customer support
commands and touch screens. The natural language As speech processing and natural language processing
technology can process queries to answer questions, find technologies mature, we are drawing closer to the day,
information, and connect users with various banking when computers (Chatbots) could handle most customer
services. This reduces human error, systemizing the service queries. This would mark an end to waiting in line
efficiency. and hence result in happier customers.
Data-driven AI applications for lending Artificial Intelligence (AI) in Indian Banks
decisions Consumers are not realising their full saving potential
because banks are generally still learning to understand their
Applications embedded in end-user devices, personal robots,
customers' needs. With most banks still running on legacy
and financial institution servers are capable of analyzing a
systems, it can prove a struggle to complete complex
huge volume of data, providing customized financial advice,
transactions beyond money transfers and deposits.AI,
calculations and forecasts. These applications can also
however, will allow banks to focus on their customers by
develop financial plans and strategies through research,
leveraging the data that they own to gain essential insights.
regarding various customized investment opportunities,
This will in turn allow banks to personalise and enhance the
loans, rates, fees, etc and track the progress.
customer journey, making it as frictionless as possible, by
manipulating the data to offer real-time recommendations.
Digitalization instead of branch lines
Banking is a lengthy process, with past records of long Amongst many Indian banks, there are 12 banks which have
queues and sluggish response marring the productivity. Even gained continuous media attention for their AI initiatives
opening a bank account was viewed in negative terms as over the last few years. The list includes:
harried consumers would run pillar to post, while getting 1. SBI
the necessary documentation complete. Digitization of 2. Bank of Baroda (BoB)
documentation eases that pain and creates a 3. Allahabad Bank
comprehensive platform, where the consumers and
4. Andhra Bank
providers connect.
5. YES Bank
Block Chain hastening payments 6. HDFC
The customer base that banks serve is going through a major 7. ICICI
shift in terms of buying behaviours and preferences, driven 8. Axis
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