Interview of Dr. Jayaram K Iyer in DataQuest “Relevance of Artificial Intelligence in BFSI”
One of the challenges faced when it comes to deploying artificial intelligence in BFSI is the lack of skilled employees in AI and advanced analytics.
Automation is the key to achieve efficiency in businesses in the current contemporary world, and artificial intelligence is one of the technologies that is widely being applied in order to do so. However, in a sector like BFSI, which has been used to the manual workforce for a long time now, the application of new-age technologies faces its own set of challenges. In an interview DataQuest, Dr Jayaram K Iyer, co-founder and CEO, DeepQuanty Artificial Intelligence Labs Pvt Ltd talks about the importance of artificial intelligence in BFSI, challenges faced while implementing the same, and the issue of skills shortage in India.
Importance of artificial intelligence in the BFSI sector
From intellectually demanding actions such as computing risk scores to mundanely routine tasks such as transcribing data, the BFSI sector has it all. Improving any of those processes means superior customer experience, leading to improved market share; or can mean lower turn around time or lower costs, leading to improved profits. AI undoubtedly can help so improve. In the times of high competition in the BFSI and even higher costs (say due to NPAs), even small increments in market share or small savings in costs can be a matter of even existence.