A survey conducted by PwC in collaboration with FICCI showed that about 83 per cent of the respondents believed that AI is key to offering a better customer experience in Indian financial service companies. Titled ‘Uncovering the ground truth: AI in Indian financial services,’ the respondents included people from the banking and financial services industry. 

The report also said that almost 82 per cent of these companies are using chatbots for servicing customers. While chatbots were found to be the most common function of AI that was in use, 65 per cent of them were using fraud detection AI engines, followed by 56 per cent who use virtual assistants. Of the respondents, 57 per cent said that they trusted that AI would give them a competitive edge. 

“Maturity of using and adopting AI-enabled solutions with a deeper understanding of not just the business case, technology and data, but also the risks around security, privacy and accountability, will differentiate the leaders from the rest,” said Sudipta Ghosh, partner at the data analytics division in PwC.  

“AI is used every day within payments, credit risk, investment recommendations and particularly in the area of intelligent digital assistants that handle regular customer service enquiries and tasks. Indian BFSI organisations looking to move ahead on the AI adoption curve can use AI to boost revenues through increased personalisation of services and embedding intelligence in automation and digital ecosystem partnerships,” Vivek Belgavi, partner at the FinTech division of PwC, stated. 

However, 60 per cent of the respondents believed that privacy concerns were worrying.