Noida: Innovation taking center stage across everywhere and banking IT teams are having more focus towards enhancing customer experience with special focus on data. Keeping it in mind, APAC News Network had organized a panel discussion on how transformative power of automation and AI in BFSI is happening in the industry.
Rajneesh De, Consulting Editor, APAC News Network was the Moderator while the other speakers included Ayan De, CTO, Exide Life Insurance, Charu Mathur, CDO and Head – Business, Strategy & New Initiatives, IndusInd Bank, Sivakumar Nandipati, CDO, Fedbank Financial Services Ltd – Fedfina, Ajay Thomas John, Group CDO, Shriram Capital, Jaspreet Singh, Partner – Trust and Transformation, Grant Thornton and Nakul Kundra, Founder & Chairman, Devnagri AI were the participants.
Rajneesh De, consulting Editor of APAC News Network kickstarted the session asking the details on how the BFSI as a sector has evolved in the recent days in terms of technology and innovation.
Ayan credited the entire ecosystem for the growth of the BFSI sector. “Without the entire ecosystem helping each other, we could not think of the industry what we are today.”, he said further adding that insurance is a long-term commitment for the customers. “The insurance sector was always a people-driven approach where a customer will take a decision after interacting with a human-agent. Once they shortlist on the insurance, then it is a 25 year old commitment for them”, he said.
Charu recalled how pandemic had made them go for digital adoption not just among the consumers but also with the employees. “The signing, verifications which usually take three working days became a 5-minute job. The volume of transactions happening digitally had increased overnight and the banks were reaching out directly more to people”, she said.
On the other hand, Sivakumar spoke on automation helping the banks on data collection. “Besides everything, segregating the inputs given by the customers and meeting the customer expectations which are exceeding every day is a challenge.“, he said.
Ajay who represented a financial company which is into multiple functions threw lights on how every group company comes up with different challenges. “Organizations are thinking of one super-app that will help the organization understand the customer better and be a single point of contact for the consumers”, he said and added that AI helps to alert the aspects like a low risk customers and high risk customers. He also spoke on how voice-based caller set-ups are becoming very crucial in the organization.
Jaspreet, on his part shared an advisory that the industry should not be a mere copy-cat. “A bank should understand the customer expectations and customer satisfaction. Rather than becoming a simple copy-cat implementing what another bank does just for the sake of digital transformation” Ayan pointed out that humanization is important even though bots can work beyond the normal human time.
Nakul stressed the importance of the vernacular language in India. “AI-driven translations are very important in the banking sector. While 90% of the Indians are not comfortable with English as a communicative language, most of the banks look at accessing their content in their local language.”