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Artificial Intelligence Applications in the Indian Financial Ecosystem

Book Chapter

Authors: Vijaya Kittu Manda; Lubza Nihar Khaliq

DOI: https://doi.org/10.1002/9781394175574.ch6

Book Name: Artificial Intelligence for Risk Mitigation in the Financial Industry

ISBN: Online ISBN: 9781394175574; Print ISBN: 9781394174713

Publisher: Scrivener Publishing / John Wiley & Sons

Editor(s): Archana Patel, Shweta Anand, Purvi Pokhariyal, Narayan C. Debnath, Ambrish Kumar Mishra

Publication Date: May 31, 2024

Pages: 133 to 158

Book Chapter Link on Publisher Website

Abstract: The Indian banking and financial services (BFS) ecosystem uses artificial intelligence (AI) primarily in five major areas—customer service/engagement (chat-bot), robo advice, general purpose/predictive analytics, cybersecurity, and credit scoring/direct lending. While initial AI applications focused on support functions, they evolved to help in decision-making over time. As web servers capture and collect a huge quantum of customer data, companies are taking advantage of artificial intelligence, big data analytics, and machine learning. The technology trio is helping financial companies, particularly startups, build innovative products, monitor, manage risk, and provide superior customer services. Indian startups made their mark by successfully demonstrating AI use cases that suit the Indian atmosphere. On the other hand, financial regulators promote and recommend using AI in a limited way (such as in regulator sandbox areas) that fosters innovative financial engineering and product development and brings in the safety and security of customer data and monies. This research article updates how the Indian financial ecosystem uses artificial intelligence in various dimensions.

Keywords: Chatbots, financial ecosystem, use cases, creditworthiness, RegTech, financial frauds, risk management, AGI

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