Many top bankers and fintech enthusiasts are now coming around to believe that Artificial Intelligence (AI) will change the face of banking in the next 3 years. With the Govt’s focus on making India a digital and a cashless economy, usage of fintech in banking and financial services has suddenly increased a lot. Many banks and startups are under tremendous pressure to reach the grassroots and make sure that no Indian is left without a bank account or financial services. This is good for all parties concerned as they are getting more customers on board, they are getting more revenue and more professionals are getting jobs.
With a lot of activity, there are bound to be some ups and downs that result in the industry changing for good. One of the most visible changes is that customers are now familiar and comfortable with using online digital services for all the banking transactions that they do. This has pushed startups and banks to come up with innovative solutions that make a consumer’s life easy. Banks need startups to come up with innovative solutions and technology and the startup needs the bank to reach out to a large consumer base. With a large number of new services getting launched every couple of months, consumers are spoilt for choice and have become demanding. Can anyone imagine a customer getting his loan approved digitally? Well that is happening shortly, as we verify documents digitally!
AI,which is able to bring up new solutions to make our lives easier is changing the way we do things in every aspect of life. Hence, it is important to stay ahead of the curve and try to build this industry right here in India. Making our country the hub for this is the only way to ensure we can create more jobs and be World leaders.