Three in one top Indian IT decision makers say there is a strong need for adopting Artificial Intelligence (AI) in the banking, financial services and insurance (BFSI) sector, a new report said on Monday.
More players in the BFSI segment are set to deploy AI-based fraud detection and prevention tools and chatbots/voicebots for customer support over the next six months to a year, said the joint report by Nasscom-CyberMedia Research (CMR).
Today, data science and AI have made it possible to comprehend and utilise 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 which is Indian IT industry's apex body.
The BFSI sector in India is bullish over using AI across the spectrum.
"According to our survey, 74 per cent 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," added Anil Chopra, VP-Research and Consulting, CyberMedia Research.
The second highest business objective is 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 behaviour in order to offer customised products and AI for security and compliance was the fourth business objective, the findings showed.
"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," added Chopra.