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Smart Money: How AI is Disrupting India’s BFSI Game
- AI is revolutionizing India’s BFSI sector, offering solutions to enhance operational efficiency and customer service.
- State Bank of India (SBI) is leveraging over 150 AI models in areas like fraud detection, risk management, and employee productivity.
- Many Indian banks, including SBI, ICICI Bank, HDFC Bank, and more, have implemented conversational AI solutions for better customer interactions.
- The Reserve Bank of India (RBI) is also embracing AI, using it for grievance resolution, detecting mule accounts, and establishing ethical AI frameworks.
- In the insurance sector, AI platforms like Enigma by Bajaj Finserv Health are improving fraud detection, claim adjudication, and resource utilization.
- AI tools like Enigma have automated processes, reducing claim handling time, identifying fraudulent claims, and adjudicating claims without manual intervention.
- AI-driven solutions are also benefiting trading operations, tax and accounting, with startups like uTrade Solutions and Fhero Accounting Solutions offering innovative AI-powered services.
- While AI offers substantial benefits, regulatory bodies like RBI stress the importance of maintaining human elements like integrity, empathy, and judgment in financial operations.
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