The BFSI sector has always been a leader 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.
From using convenient channels such as ‘WhatsApp’ for interacting with customers and resolving their queries efficiently, to using e-KYC technologies to open accounts virtually, most financial services firms showed firms from other sectors on how they could not only resolve customer queries but raise the bar in improving customer service.
AI is being used to automate claims settlements and reduce fraud in the insurance industry. Additionally, banks are using AI to hyper-personalize their services and deliver loans within minutes. The use of digital-only banks is now slowly gaining traction, and is rapidly transforming the way banking is consumed and delivered