NASSCOM-CMR report on AI for BFSI analyzes how AI is shaping up in the BFSI space. It covers the business objectives, challenges, and future plans of IT decision makers around AI. The report also covers the growing eco-system of AI based startups in India. AI technology is here to stay and this report can act as a good reference point for decision makers and implementers from the BFSI space to start their journey.
A majority of Indian CIOs and IT Decision makers we surveyed find it difficult to distinguish between AI offerings from different vendors. Some are not confident of the outcome they would deliver, while others don’t understand how to plug it into their existing setup. There’s no standard framework available to guide them with their selection process.
Some CIOs feel that the Indian regulatory framework doesn’t allow capturing personal information of individuals. As a result, it becomes challenging to truly understand customer needs. AI tools for data capturing need to factor this in and help the BFSI segment to truly understand customer behaviour.
The clear business objective of IT Decision Makers of Indian BFSI companies is to use AI and offer a more proactive and personal
Customer experience at a lower cost.
Data management is a key issue while deploying AI, whether it’s to train the deep learning system to work efficiently with less data or
structuring the data as per the needs of an AI system.
