Business is playing catch-up with AI
IGS to launch AI Center of Excellence. The center will take an industry-first approach for the BFSI to deepen the adoption of AI.
Gen AI Adoption and Initiatives. A reimagined future of possibilities. GenAI’s role in Disrupting End-to-End Real Estate & Lending Fulfilment Landscape. AI transformation will impact value chains across virtually all BFSI lines of business. We studied GenAI initiatives across BFSI firms to understand adoption maturity and business potential. While the use cases are in a planning phase, the objectives can be classified into two broad categories—enhancing customer experience and improving operational efficiency.
Areas such as virtual assistance, process streamlining, and personalized service saw the highest number of pilot or planned initiatives, followed by decision accuracy, fraud detection, automated financial advisory, and compliance. Most of the implementations are at an experimental stage with varying degrees of adoption maturity. Significant business potential is seen in process streamlining, personalized service, automated financial advisory, and compliance monitoring.
An astonishing 82% of BFSI respondents said they increased investments in artificial intelligence (AI) and/or machine learning (ML) in the past one to two years. An even more astonishing 87% said they planned to invest in AI-ML in the next one to two years.
Since the moment generative artificial intelligence (GenAI) went mainstream, organizations have grappled with the best way to realize its vast potential. BFSI firms have traditionally embraced analytics while being heavily guard-railed by compliance and regulations, and the effect is visible in the way AI has been used thus far.
Over the last four to five years, predictive AI, with its expressive modelling capabilities, has been leveraged as an alternative to traditional analytical models. The advent of GenAI has further expanded the capabilities of AI with the potential for transformational impact. For BFSI firms, the opportunities are tremendous including:
HIGHLIGHTS
Technology often changes at a faster pace than businesses can manage. As a result, this has a downstream exponential effect on people, institutions, and organizations. Enterprises everywhere want to deploy GenAI, but then discover that while it is relatively easy to do technology proofs of concept and pilots, scaling them into production is much more challenging.
- Customer experience: Augment personalization in interactions and advisory across segments and channels.
- Sales and service: Capture ’moments of truth’ that influence customer decisions and differentiate service levels across products and propositions.
- Efficiency optimization: Transform business processes, back-office operations, and compliance.
- Workforce and workplaces: Boost workforce productivity and workplace efficiencies through smart AI tools.
- 100% FinTech ecosystem with 80% AI Generated Workflow
- 80% Desktop/Laptop Work to be omitted
- Real Estate Home Loan Purchase TAT Reduction By 50%
- Real Estate Refinance TAT Reduction By 43%
- Mega Tech Capacity to collaboratively manage, connect unlimited number of Lenders, Mortgage Companies, Brokers, Realtors, Real Estate Agents, Appraisal Management Companies, Title Companies, Credit Bureau, Third Party Vendors, Employee Engagement, B2C, and B2B clients.
- Real Time MIS on the move across all parties involved in the transaction
- Digital KPI’s
- Apart from the above-mentioned initiatives, have identified AI driven Lending operations Use Cases for Loan Application, Risk Management and Credit Analysis, Loan Underwriting, Fraud Prevention, and Loan Servicing.