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Indian IT decision makers bullish on AI in BFSI sector: Report
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SME Times News Bureau | 16 Jul, 2018
Three in one top Indian IT decision makers say there is a strong need
for adopting Artificial Intelligence (AI) in the banking, financial
services and insurance (BFSI) sector, a new report said on Monday.
More
players in the BFSI segment are set to deploy AI-based fraud detection
and prevention tools and chatbots/voicebots for customer support over
the next six months to a year, said the joint report by
Nasscom-CyberMedia Research (CMR).
Today, data science and AI
have made it possible to comprehend and utilise complex data into
insights that help with decision making.
"Realising this
potential, organisations are prioritising AI as an area to expand upon.
As this adoption increases, data security and compliance with laws
should be pushed up the business priority ladder while mapping
organisational objectives with AI," said Debjani Ghosh, President,
Nasscom which is Indian IT industry's apex body.
The BFSI sector in India is bullish over using AI across the spectrum.
"According
to our survey, 74 per cent feel that there's a strong need for AI in
the segment, and their primary business objective is to provide a more
proactive and personal customer support," added Anil Chopra, VP-Research
and Consulting, CyberMedia Research.
The second highest
business objective is to automate back-end business processes so as to
reduce human errors and improve the turnaround time.
To use AI
for marketing was the third business objective so as to track consumer
behaviour in order to offer customised products and AI for security and
compliance was the fourth business objective, the findings showed.
"However,
choosing the right AI offering from different vendors is still a major
challenge due to lack of common standards or frameworks to guide them
through it," added Chopra.
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