74% of top Indian IT decision makers back AI’s role in BFSI: NASSCOM-CMR Report

Gurugram – New Delhi: To offer a more proactive and personal customer support is the top business objective of IT decision makers in the BFSI segment, according to a CMR-NASSCOM’s Report on AI for BFSI Sector.

“The BFSI sector is very positive about using AI. According to our survey of IT decision makers from BFSI, 74% 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. 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,” according to Anil Chopra, VP-Research and Consulting, CyberMedia Research (CMR).

The second highest business objective was 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 behavior in order to offer customized products, and finally, AI for security and compliance was the fourth business objective. This was to monitor processes and data for regulatory compliance, anti-money laundering, and risk management.

“AI is simplifying every-day business functions across industries and creating significant opportunities for organisations to instill error-free processes and offer personalized customer experiences. Today, Data Science and AI have made it possible to comprehend and utilize 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.

The future appears very bright for AI in the BFSI space, and the report suggests that the segment is likely to deploy AI based fraud detection and prevention tools and /voicebots for customer support over the next six months to a year.

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