The fourth Industrial Revolution has taken over the old school business models all over the world. Businesses across industries and verticals are currently turning to Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), Big Data, and other modern technologies to streamline operations.
Global banking and financial sectors are no exceptions when it comes to transforming their business models to offer a digital-first experience to customers. The banking sector in India has also experienced a radical shift, and the very definition of banking has changed.
The country has witnessed the emergence of numerous FinTech Non-Banking Financial Companies (NBFCs). Numerous versatile sectors, along with BFSI, are relying on machine learning algorithms to derive insights from the data that will help improve business outcomes, personalize the customer experience, and run a robust cybersecurity strategy.
The BFSI industry can leverage machine learning for better services and solutions. It has stretched its arms in various directions and is potential to grow in the form of:
- Risk management and fraud detection
- Credit management
- Algorithm-based marketing
- Comply with every changing regulation
- Enhance customer satisfaction, and so on.
The possibilities and the scope are infinite when it comes to the support of machine learning to upgrade BFSI in India. It will be a game-changer for organizations that are looking to remain competitive and profitable. It has already proven its worth, and it promises to help banks cut costs and drive efficiencies.
As anticipated, Machine Learning has indeed carved the path to ensure support in any future storm and redefine their value to customers in an ever-shifting Indian BFSI industry.