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AI changing that narrative for digital banking in India
July 17, 2023
As banking gets revolutionized with digital technology, it is a relief to know that the days of endless paperwork and queues at bank counters are gone well, almost.
Now, a customer in India can transfer funds, review spending, and apply for loans anywhere and anytime through online banking platforms and applications, quicker and with fewer errors. The quality and speed of services differ from bank to bank, but it is safe to say that a good majority of banks offer at least basic online banking services.
India’s growing open banking system has been instrumental in transforming traditional banking institutions, opening opportunities to partner with 3rd party financial services providers. A case in point is the popularity of the United Payments Interface (UPI), which currently handles almost half of India’s digital financial transactions.
The integration of Artificial Intelligence (AI) in UPI has improved the model so much that the government has been expanding access to UPI networks to non-resident Indians in several other countries, including Europe, UAE, and Singapore.
Chatbots have been a widely adopted AI-based model that are helping banks handle product-related queries, requests for reports, or forms with very little human intervention. Certain well-known Indian banks are also using natural language processing to understand customer sentiments and craft responses accordingly.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/