BFSI has always led other sectors in adopting emerging technologies. From usage of AI to RPA to Blockchain, financial services firms and banking firms lead other sectors in terms of innovation.
In their use of convenient forms of channels, such as Whatsapp for interacting with consumers and resolving their queries efficiently, to using e-KYC technologies to open virtual accounts, most financial services firms raised the bar in improving customer service, not only by resolving customer queries, but by leveraging their technologies to provide a better customer experience.
AI is being used by insurance firms to automate claims settlements, which reduces fraud significantly. Banks are also using AI to deliver loans within minutes and hyperpersonalize their services. Likewise, chatbots have become extremely common, and we see insurance firms and banks using them to provide basic customer service.
The Indian BFSI sector is also in an era of self-service, and firms are trying to automate every process where technology can make a difference with minimal human intervention.