Artificial Intelligence in Indian banking: Challenges and opportunities

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Artificial Intelligence (AI) is fast evolving as the go-to technology for companies across the world to personalise experience for individuals. The technology itself is getting better and smarter day by day, allowing more and newer industries to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. The rudimentary applications AI include bring smarter chat-bots for customer service, personalising services for individuals, and even placing an AI robot for self-service at banks.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

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The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

#artificialintelligence

The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


How Artificial Intelligence is Revolutionizing the FinTech Industry: Jaya Vaidhyanathan, Bahwan CyberTek

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Digital transformation and modern technologies have impacted every single industry that exists, and the banking industry is no different. In fact, technology has touched upon the banking industry to such a large extent that the union of both has given birth to what is now called'FinTech'. In an interview with DataQuest, Jaya Vaidhyanathan, President, Bahwan CyberTek, gives insights on how new age technologies such as artificial intelligence, machine learning and so on are revolutionizing FinTech, and what more consumers can expect on the same in future. How are new age technologies like artificial intelligence, machine learning, predictive analytics and blockchain transforming the FinTech Space? Technology has impacted the financial sector in such a massive way that it has brought about the union of two industries calling it – Financial Technology (FinTech).


India emerging as fastest-growing market for fintech software products

ZDNet

Powered by innovation in payment processing, the fintech software products segment is expanding at a rapid pace in India, according to the National Association of Software and Services Companies (Nasscom), which represents country's IT industry. In a recent report entitled Indian Fin-tech Products -- Innovation Driving Growth, Nasscom said that the total fintech software and services market from India was worth 8 billion at present and is pegged to grow 1.7 times by 2020. "The Indian fintech software product market has generated revenues of 1.2 billion in 2015 and this was expected to double by 2020," the report said. With more than 400 companies including 200 startups, India was "quickly emerging" as a fintech products hub and of them, more than 30 percent were mature firms with demand across regions. Payment processing -- including transaction gateways and platforms, online/mobile wallet, ATM and POS services, remittance, and cash cards -- accounted for 34 percent of the Indian fintech landscape, followed by 32 percent by banking (accounting and treasury management, core banking software, risk management, mobile banking), and another 12 percent by the trading, public, and private markets.