83% of Indian BFSI gamers think AI should improve customer experience: report
Artificial Intelligence (AI) is rapidly gaining traction as a go-to technology tool among banking and financial services. Around 83% of survey respondents cited improving customer experience as Indian financial services’ top business driver for implementing AI, according to a PwC-Ficci survey.
The report “Uncovering the ground truth: AI in Indian financial services” also indicates that more than 80% of respondents in the banking and financial services industry say they have deployed chatbots to facilitate customer service.
Sudipta Ghosh, Partner and Leader – Data & Analytics, PwC India, said, “Maturity in the use and adoption of AI-based solutions with a deeper understanding of not only the business case, technology and data, but also security, privacy and liability risks will differentiate leaders from others.
The survey revealed that chatbots are the most deployed. Nearly 82% of respondents said they have deployed chatbots to facilitate customer service. About 65% of them have deployed fraud detection AI engines, making it the second most common use case in the FS industry, followed by 56% who have deployed virtual assistants.
Vivek Belgavi, Partner and Leader – Fintech, PwC India, said: “AI is used every day in payments, credit risk, investment recommendations and especially in the area of smart digital assistants that process regular customer service requests and tasks Indian BFSI organizations looking to move up the AI adoption curve can use AI to boost their revenue through increased
personalization of services and integration of intelligence in automation and digital ecosystem partnerships.
Despite the growing use of AI, concerns also remain, with nearly 60% of survey respondents citing consumer privacy and data security and endorsement of the use of AI engines as the biggest concern for the implementation of AI. Other areas of concern were the integration, operationalization, and maintenance of AI infrastructure, as well as the very distinctive and progressive skills required to succeed in AI.