1. / AI Revolutionizing A Post-Pandemic Era For Financial Institutions

AI Revolutionizing A Post-Pandemic Era For Financial Institutions

October 4, 2021

Artificial intelligence (AI) and other transformational technologies like Data Science are being rapidly adopted across industries, including the banking and finance industries (BFSI), to increase productivity and gain a competitive advantage. In fact, during the pandemic, several businesses have increased their spending on artificial intelligence, while 75 per cent plan to launch new initiatives in the new normal. According to IDC, global spending on AI systems will jump from USD 85.3 billion in 2021 to more than USD 204 billion in 2025. The compound annual growth rate (CAGR) for the 2021-2025 period will be 24.5 per cent.

BFSI was one of the first sectors to deploy tech-based solutions during the pandemic to enhance customer experience and improve sales and revenue as companies started working remotely. Several functions witnessed the involvement of AI and cloud-based platforms for seamless connectivity and user experience.

However, the important question is, can AI and Data Science be leveraged to manage risk while ensuring quality customer experiences?

Financial institutions are prone to disruption, and this makes it imperative for the BFSI industry to consider technologies like AI as part of its risk mitigation process. This makes it crucial for organizations to enable the human-digital synergy to the next level and leverage data to shape human-first digital experiences.

Read the complete article here: https://bit.ly/3A2yQh7

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