Generative AI offers a plethora of possibilities for the BFSI (Banking, Financial Services and Insurance) industry and to cash in on this opportunity, financial institutions in India and across the globe are increasingly embracing AI models to help them achieve operational excellence by offering personalised financial guidance and conversational banking, said Vijayant Rai, Executive Director, BFSI, Microsoft India.
“With the BFSI sector’s focus on managing risk and generating returns, generative AI has the potential to drive marked improvements in employee productivity, operational efficiency, and customer experience. Banks and financial institutions are showing a heightened interest in AI to explore transformative opportunities and a new wave of breakthroughs it offers,’‘ he told The Hindu.
The strategic adoption of generative AI was expected to bring several benefits to the banking sector across various operational areas, he said. These will include leveraging generative AI for tasks such as writing assistance, reasoning over data, summarisation of reports and text. With chatbots, virtual assistants, and natural language processing, banks would be able to provide more customised, efficient, and personalised services.
“We believe that the adoption of generative AI in banking is driven by the industry’s focus on addressing financial, regulatory, and competitive challenges. Banks will leverage AI platforms to improve customer satisfaction, enhance employee capabilities, and streamline operations to ultimately bring in business value at an accelerated pace,’‘ Mr. Rai further said.
According to him, generative AI also enhances employee productivity by offering automation of tasks such as content generation, code suggestions, and knowledge retrieval. This would help employees to free up their valuable time to focus on more strategic and complex activities.
“We are currently working with all top Banks, Insurance & Financial Services organisations in India to equip them with the necessary AI know-how, identify use cases and even co-create services utilising Generative AI capabilities,’‘ Mr. Rai added.
