The global AI in fintech market size is projected to increase to $46,881.9 million by 2030 from $7,702.7 million in 2020, at a 19.8% CAGR between 2020 and 2030. With AI, the efficiency of financial processes and the security of money-related data can be improved massively. For instance, in regard to fraud detection, AI monitors people's online transactional behavior so that any deviation and a potential fraud can be identified in real time and stopped right there. Moreover, AI helps in automating several processes in the banking, financial services, and insurance (BFSI) sector, such as online customer engagement via chatbots, claims processing, and answering frequently asked questions (FAQs). This not only allows BFSI companies to reduce their expenditure in hiring humans for these tasks but also engage these employees in more-important tasks, such as decision making and strategizing. AI solutions have been in a higher demand than managed and professional services because the former conduct question and answer (Q&A) processing, natural language processing (NLP) and generation, facial recognition, video and image analysis, and speech recognition.

Analytics Insight predicts that the Global Artificial Intelligence market revenue in the Banking sector will touch a whopping USD48.3 billion by 2025 compared to USD13.7 billion in 2019 growing at a CAGR of 28.6% during the forecast period, 2019-2024. The BFSI sector has always been resistant to changes, especially concerning technologies. However, there has been a surge in AI adoption across the financial sector in recent years, which has redefined the operations and processes in the industry. The financial and banking industry is highly customer-based and in the current scenario consumers desperately look for personalized, easier, and digital services. People have shifted to the digital space, which has given rise to digital banking and open banking.

In the global banking industry, automation has been of prime importance. In order to increase efficiency, cost savings, and boost consumer service, the industry is implementing advanced automation technology. Industry 4.0 is clearly rising at an increasing speed and is increasingly shifting the landscape of whole companies. The rise of revolutionary emerging technology such as the Internet of Things, Machine Learning, Big Data, Artificial Intelligence, Cloud Computing, Analytics and many more is characterised by the fourth industrial revolution. These innovations, in particular the human-technology partnerships, make a major contribution to the reshaping of the world of work and the introduction of procedures.

As we move towards an increasingly contactless economy, banks and FIs are prioritizing digital innovation to address existing and emerging risks by developing strategies that focus on adoption of the appropriate digital technologies specifically AI. The sector also foresees a swift movement to digitization of internal processes, operations, and customer services to cater to rapidly evolving customer centricity demands. BFSI enterprises are increasingly viewing AI as a core business differentiator rather than just an enabler and the sector is expected to play a crucial role in driving mass-scale AI adoption. Ktech CoE DS&AI is excited to be back with the third edition of AI Parley to understand how the BFSI sector is harnessing the power of AI and proliferating at-scale adoption, with a special focus on a few key areas of AI implementation such as customer management, risk and compliance. Join us as we launch our latest report on BFSI “Indian BFSI – Unlocking the Transformation Potential of AI” in association with the NASSCOM Insights Team at this edition of AI Parley. This report is aimed at assisting enterprises in identifying AI opportunities across the value chain thereby providing them requisite ammunition to accelerate their journey to become an intelligent enterprise. We will have an eclectic panel of speakers from the BFSI sector providing their perspectives on the various Topics at this Event. Workshop Schedule Introduction - 5 Minutes Keynote Session - 20 Minutes Report Launch - 10 Minutes Panel 1 Discussion - 30 Minutes Panel 2 Discussion - 30 Minutes

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Data Science is helping the banking industry become smarter in managing the myriad challenges it faces today. While basic reporting and descriptive analytics continue to be a must-have for banks, predictive and prescriptive analytics are now starting to generate powerful insights, resulting in a significant value add. Banks are increasingly using machine learning to power their operations, but the adoption of these new technologies is not widespread across the other departments. The road to comprehensive implementation of machine learning to solve challenging business problems in banking is fraught with technological and organizational challenges. Moreover, banks today generate huge volumes of internal data (customer accounts, credit scoring, payments, assets, etc.) and now need to understand its linkages to external data (interest rates, macroeconomic variables, and customer preferences).

On May 8th, 2018, Google shocked the world by showing how its Artificial Intelligence (AI) based voice assistant, the Google Assistant, could speak just like a normal human being and make an appointment with a hair salon. The AI was so advanced that in addition to sounding like a human, it produced all the nuances that a person would make while talking. This small demonstration was just a sneak peek of what mankind will accomplish with AI in the future. AI is basically a machine or software that has the ability to think intelligently and make decisions on its own. Thanks to the advances in computers and other related technology, AI has evolved rapidly beyond imagination in recent times.

In the current decade, the world has achieved an enormous amount of technological advancement and skyrocketing progress in mass Digitization, Data Science and FinTech. In fact, we are currently living in the golden era of AI & FinTech. With the advent of fast computing speed and low-cost storage for the enormous amount of data that is available for everyone, Artificial Intelligence has become paramount in our daily lives. Things are changing at a soaring pace in every sector and the banking & finance sector is on the brink of a positive and widespread technological transformation owing to the enormous power and potential of these cognitive technologies. Technology powered by AI and Machine Learning has seeped deep into the fiber of our modern existence and with its firm foundations in the BFSI sector.

The existence of an app to manage just about any financial operation today has led to an explosion of data. To cope with a rapid growth in information Banking, Financial Services and Insurance (BFSI) companies have been compelled to embrace a data-centric philosophy as part of their digital transformation journey. However, while embarking on this journey, companies should have a clear understanding of what they are trying to achieve or solve. This is what Bhavesh Lakhani, Senior Vice President and Head-IT, SBI Mutual Funds told Prakash Mallya, Vice President and Managing Director, Sales & Marketing Group of Intel India at the Intel Data-Centric Innovation Summit recently. Though SBI started its digital transformation journey three years ago intending to become the most preferred mutual fund company in India and overseas, physical forms continue to contribute over 80 percent of its revenues.

The BFSI sector has always been the first to experiment and adopt emerging technologies, even when the business case is not so clear. Last year, while the hype about blockchain came down significantly, AI continued to be an increased area of interest. As expected, bots continued to be deployed across the enterprise, and showed the ability to handle queries of increased complexity and scale. Kotak Mahindra Bank's Keya, India's first voice bot in the banking sector, handles more than a million interactions every month and successfully recognises the intent behind 70 per cent of all calls. Similarly, 120 bots deployed at ICICI Lombard General Insurance handle about 90 per cent of policy issuance in near real-time.