Banks and insurance companies spend a lot of time indulging in data inputs from hand- written cheques and forms. Needless to say, such manual task often leads to a dip in productivity. However, certain organisations are trying to come up with a solution regarding the same. Chennai-based organisation, Marketsof1 is one such company, which is trying to reduce that time consumption by 80% with the help of technology such as Artificial Intelligence (AI). In a conversation with Aparajita Gupta, Mahadevan Jayaram, Co-Founder, DeepQuanty Artificial Intelligence Labs explains the challenges and probable solutions it can offer to the sector.
1. What is the role Marketsof1 play in the BFSI sector?
The vital role that the Banking, Financial Services and Insurance (BFSI) sector plays in building a nation requires no explanation: be it offering critical loans, keeping risks at bay or in general smoothing out capital flows. However, the sector also deals with extremely confidential information and hence laws, rules and regulations about privacy of information restricts inter-institutional transfer of data; that is, a bank won’t share with another bank or NBFC, the banking history, identity or any such information.