AI solutions as an essential factor for digital transformation for BFSI

Vasim Shaikh

Vasim Shaikh, CEO, India Operation, Simplifai elaborated on the futuristic AI solutions that are bringing about digital transformations in the BFSI sector at the BFSI Leadership Summit 2022, organised by Elets Technomedia.

She stated that “we are majorly into AI software and AI solutions, and we know that we use AI solutions in our day-to-day activities, from biometrics, a voice assistant to facial recognition as we use them all in our daily life”. AI is also having an impact on how the corporate sector is reacting to such new technologies and digital transformation, which is going deeper all across the industry. Adding on to it, she also briefed that BFSI is one of the early adopters of AI and this industry is going to make some kind of modernisation now with the help of AI solutions that can automate the organisation.

“Now AI is a necessity and not a choice. Everybody knows that they can do wonders with the help of automation. BFSI is among the early adopters of AI within business operations, and AI has become essential to meet their rising customer experience. With the help of AI they can provide the responses on time and can keep their customers happy and that’s how they can increase their user base,” she quoted.

According to a PWC survey, 54 per cent of executives say that Implementing AI solutions has increased their productivity and automation is focusing on the critical task of finding the solution. AI has made things easier and more efficient, as globally 50 per cent of companies have already adopted solutions or they are in the initial phase of starting to adapt.

Also Read | What are the top priorities for BFSI markets in 2022? Know here

Industries need to be very careful about the funding, from starting till the end of the project, as implementing AI solutions is not an economical affair and one must need the extra amount of funding for it, she concluded.

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