Tag: BFSI

Key Takeaways:

1. AI is enabling BFSI operations across personalization, fraud and risk management, and more
2. A strong infrastructure and architecture is vital to maximize AI’s potential
3. Compliance and human skills development should be major areas of focus
4. Working with external expertise can add clarity to the modernization journey

The potential of artificial intelligence for banking, financial services and insurance (BFSI) is increasing all the time. The global market value for AI in finance is set to reach $374 billion by 2029, fueled by the ability to increase customer personalization, combat fraud and better manage risk.

Continue reading “Modern Data Technology: Building an AI-Ready Data Infrastructure for Enhanced BFSI Analytics”

Key Takeaways:

1. Fraud is on the rise, and customers expect banks and finance firms to respond
2. Agentic RAG expands on the possibilities of AI in fraud detection and compliance
3. Retrieving more diverse data and generating insights enables smarter decisions
4. A phased, expert-led approach can maximize the value of an agentic RAG deployment

Artificial intelligence has transformed the world of banking and finance, in terms of customer experience and personalization of products. But it’s proving just as instrumental behind the scenes in improving fraud detection and regulatory compliance for finance firms big and small.

Continue reading “Agentic RAG in Banking: 5 AI Use Cases for Fraud Detection and Regulatory Compliance”

Key Takeaways:

1. Responsible AI frameworks are essential for regulatory compliance and maintaining customer trust in financial services
2. Proper AI governance enhances performance and ROI rather than hindering innovation
3. Financial institutions face significant reputational, regulatory, and financial risks by neglecting responsible AI implementation
4. Balancing innovation with governance through parallel roadmaps ensures successful AI adoption

It’s been a couple of years now since financial services AI has become mainstream, and institutions all over the world have begun to explore the numerous opportunities artificial intelligence has to offer. But now that the initial excitement has subsided, the global spotlight is increasingly shining on the ethics and legality of how AI is used.

Continue reading “How Responsible AI is Reshaping Financial Services Technology”

Key Takeaways:

1. AI is becoming essential for a competitive edge across financial services
2. Use cases range from customer servicing and hyper-personalization to fraud prevention
3. Key challenges include data quality and availability, data privacy, ethics and legacy system integration
4. Third-party expertise can support smooth implementation and help with internal buy-in

The financial world is experiencing a seismic shift, as artificial intelligence moves from buzzword to business essential. At the forefront of this transformation stands Bank of America’s virtual assistant Erica – a powerful example of AI’s real-world impact, having handled an astounding 800 million queries from 42 million customers while delivering over 1.2 billion pieces of financial insights.

Continue reading “How is AI Reshaping the Future of the Financial Services Industry?”

Key Takeaways:

1. Open wallets could be the most coveted and impactful over time.
2. Digital wallets will continue influencing traditional banking innovation and overall product development.
3. GenAI and Agentic AI will continue enhancing digital wallet capabilities.
4. Users will seek more than security, affordability and user-friendliness, wanting to do a lot more in one app.

Digital Wallets

Digital wallets are applications that store payment information on network devices like cloud servers so you can access it from anywhere using an online device. They are most commonly operated on mobile devices and started with a few traditional banking services like money transfers. 

Continue reading “Digital Wallets and Beyond: The Future of Financial Services in the Mobile Era”