ChatGPT is a virtual public place now and draws a crazy amount of discussion and even dissertations around it. However, dear reader, this is simply the tip of an iceberg and we should simply look forward to much more in store for us, in the coming time, as we usher into the age of AI and as the wheel of innovation is in motion.
In fact, AI technology still evolves and churns out the promise and this is what pesters the financial service industry to fashion the “digital first” strategy in order to endure future challenges.
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Customers up to now swarmed to elegant functional lines and are already made accustomed to swanky digital approaches, no thanks to the pandemic for this and we now expect a similar seamless customer experience to overflow, undeterred and undisrupted.
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India Stack: Cradle Of Promisingly Digitized Future:
Now, India Stack is set up to spearhead the cause of an Open Digital Ecosystem and it is the data and the AI which collectively and actively cement the upcoming avenue for financial services and this would be the catalyst to business efforts and will also win the customer’s hearts.
Data As life-blood To Digital Transformation:
Adhering to a digital way of life, such as for shopping, communicating, doing business etc, calls for a superior data strategy other than the platforms, tools and processes and this should be done to nurture value for stakeholders clinging to the organization everywhere.
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AI and automation which results from this technology amplify our position and we can vie for new socio-economic patterns this would grease the wheels of business growth.
Indian Banks Adapt To Technology: Fintech News Updates in India:
We have an apt instance of HDFC Bank, which runs high-end algos on its customer records to gain new insights and helps build the hybrid functional framework for its workforce too and such an arrangement falls in-line with the bank’s futuristic roadmap to stay more competitive in the race.
Apparently, the customers are the real beneficiaries at the end of the day.
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Yet another scenario froths up when the veterans of certain domains synergize with the developers and place superior apps quickly and in the most promising way.
Recently SBI (a public sector bank in India) vouched for the low-code platform in a bid to empower people to build their own apps even if they possess minuscule coding understanding.
This is done for the benefit of its own business processes and to pull up efficiency there.
Next on the list is Morgan Stanley, which is working on AI assistants to aid their wealth managers to unroll supreme client service.
The assistant simply works on the blend of search and content creation and the wealth managers will quickly spot useful info in a jiffy and would serve the clients better.
Further, we can easily think about customized service models with AI and ChatGPT on our side.
Yes Bank Says Yes To Cloud Approach:
Yes Bank, in India, pursues a cloudy concept (cloud of technology) sans any mistrust.
This is particularly for mobile apps to unleash dozens of services when the business enterprises hailing from diverse domains and other stakeholders are brought together on a single platform which would enable it to offer a stunning range of services like shopping, rewards, offers and users will be thrilled with the customized dashboards too.
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All these would be the added features to the banking operations which prevail for a long time.
CAMSFinserv: First Account Aggregator Licensee:
CAMSFinserve exploits the cloud to unleash uptime aspects to the users alongside the speed of delivery but also enables harsh privacy and security standards.
As a matter of relishing fact, CAMSFinserv is one of the initial entities which got the recognition with a powerful license to float account aggregator services for data gathering and sharing after consent from the customers is made.
The account aggregator ecosystem already has a stack filled with one billion accounts and about two million users have disclosed their financial data willingly with the banks and financial institutions while benefiting from products and services.
This system is likely to swell in the coming years and would empower the data-driven economy.
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Multi-dozen digital technologies have evolved over the years and have transformed many types of enterprises in a range of industries, holistically.
Observation From Technavio: Fintech News Updates in India
Technavio is a prominent agency involved in tech research and it lays down comfortably that the AI market share in the BFSI sector will grow by USD 32.27 billion in the coming three years time.
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Across the extensive financial service industry, including insurance companies, they pull up a robust and intuitive cloud cover which would be agile and would:
- Detect fraud,
- Manage risks,
- Look after compliance.
For many decades, the financial service industry is the top taker of premium technology to refine its operations and now the trinity of rich data insights, AI and cloud infrastructure is all set to unhook the superior service measures and would deliver enchanting customer experience too.
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