India is leading the way in financial technology (fintech), embracing new technologies to transform its financial sector. Over the past twenty years, India's Banking, Financial Services, and Insurance (BFSI) sector has grown significantly, moving from a cash-based economy to one that is widely digitized. Alok Kumar Agarwal Alankit, a respected industry expert and former Managing Director of Alankit, explains that this change is driven by the integration of artificial intelligence (AI) and machine learning (ML). These technologies are making the financial sector more efficient, secure, and accessible.
Alok Kumar Agarwal Alankit shares his insights on how AI and ML are impacting India's financial system. He says, “AI and ML are leading a major revolution!” He adds, “They are transforming operations by improving fraud detection, providing personalized customer experiences, and automating repetitive tasks. This not only boosts efficiency and customer satisfaction but also shapes the future of India's financial sector. From predictive analytics to risk assessment, AI and ML are crucial for better decision-making and overall performance in various financial services.”