Banking on AI: The time is ripe for Indian banks to embrace artificial intelligence

Globally, the financial services industry has proved to be an enthusiastic adopter of Artificial Intelligence (AI) driven by the availability of data and investment appetite. Creative implementation of AI by start-ups and fintechs has helped further this trend. From personalisation to customer service, fraud detection and prevention to compliance, and risk monitoring to intelligent contract documents, AI has helped banks gain better control and predictability. Today, customers expect faster, personal, and meaningful services and interactions with their banks and little tolerance for generic unsolicited messages. Therefore, banks must leverage AI to balance the need for privacy and security with personalisation and engagement.