| Abstrakt: |
The financial landscape in India is undergoing a transformative shift propelled by the integration of Artificial Intelligence (AI) technologies within the Banking, Financial Services, and Insurance (BFSI) sector. This paper explores the multifaceted impact of AI on various facets of the industry, ranging from customer service and engagement to risk management and regulatory compliance. In the realm of customer service, AI-powered chatbots and virtual assistants have revolutionized interaction channels, providing instantaneous responses to customer queries and delivering personalized experiences. The paper discusses how latest technologies contribute to improved efficiency, reduced response times, and heightened customer satisfaction. Furthermore, the study investigates the significant contribution of AI in fortifying security measures within the BFSI sector. Machine learning algorithms are examined for their efficacy in fraud detection, leveraging vast datasets to identify anomalous transaction patterns and enhance the resilience of financial systems. The adoption of biometric authentication methods, such as facial recognition and fingerprint scanning, is explored as a means to bolster account security and mitigate risks associated with identity theft. The paper also elucidates the impact of AI on credit scoring, underwriting processes, and risk management strategies. Predictive analytics and automated underwriting systems are scrutinized for their role in expediting loan approvals, while AI-driven risk assessment models are discussed for their ability to analyze market trends and economic indicators, aiding in more informed decision-making. In the context of process automation, the integration of Robotic Process Automation (RPA) in routine tasks is highlighted for its potential to reduce operational costs and minimize errors. The study examines the deployment of AI in document processing, enhancing efficiency in document verification and compliance activities. Emerging trends such as voice banking, insurtech innovations, and the use of blockchain technology are also addressed in the paper. AI-powered voice recognition, telematics, roboadvisors, and smart contracts are explored for their contributions to enhancing accessibility, personalized financial advice, and security in transactions. As the BFSI sector in India continues to embrace AI-driven solutions, this research aims to provide a comprehensive overview of the evolving landscape, shedding light on the transformative potential of AI technologies and their implications for the future of financial services in the country. [ABSTRACT FROM AUTHOR] |
