AI for India’s BFSI & NBFC Sectors Move Beyond Experimentation

As the global race for Artificial Intelligence (AI) leadership intensifies, India has begun to catch up with countries like United Arab Emirates, South Korea, the United States, Germany, Singapore and Japan in the mainstream adoption of AI-based technologies. The Indian BFSI & NBFC sectors are undergoing a dramatic change with the growing realization of AI’s importance among business leaders and have put them at the forefront of exploring the full enterprise potential of AI use-cases for their businesses.

The applications of emerging technologies in the banking and non-banking sectors has become a critical topic of discussion today. Given that India is serious about digitization, Trescon hosted its 11^th global edition of World AI Show which was a dedicated spin-off of the global AI series that focused on business applications of AI in BFSI and NBFC. The conference was held in Mumbai – ‘Financial Capital of India’ to hear what industry leaders had to say about the progress in AI adoption across India’s BFSI & NBFC sectors. On Friday, Mumbai saw top C-level executives such as Inderjit Sehrawat, Managing Director for Kryon; Vivek Zakarde, Head – Analytics, BI & DWH at Reliance General Insurance Company Limited; Dr. Puneet Kaur Kohli, CTO of Manappuram Finance Limited and Sunit Vakharia, CIO for Bank of Baroda Financial Services Limited among other top speakers who came together to break down real-world industry use-cases, workshops and discussions on adoption challenges of AI & RPA for enterprises.

The theme for the conference revolved around “Enabling the Use of AI for the Future of Finance“, especially AI’s significant application in areas such as customer experience, automation, fraud and risk management and enterprise digitization growth in the Indian BFSI and NBFC industry.

Few key high-level takeaways from the conference:

• A Tech Talk from Amod Kabade, Head SSG (Specialist Solutions Group) at Boston Limited on how the challenge of digital transformation is leading to an explosion in technology opportunities.
• Inderjit Sehrawat, Managing Director for Kryon gave a tech talk on automation at scale and the right way for organizations to accelerate its digital journey.
• A comprehensive workshop was conducted by Rajkumar Devulapalli, Head of Professional Services and Support APAC at Spirent Communications on proactive Cybersecurity training which covered the Cyber Range as an important tool to effectively evaluate network elements and train cybersecurity professionals across enterprises and organizations.
• Ramprakash Ramamoorthy, Product Manager – AI & Machine Learning for ManageEngine which is a division of Zoho Corp, delivered a tech talk on how to build an AI-powered IT infrastructure.
• Maneesh Jhawar, Founder & CEO of QualityKiosk Technologies; Prateek Kapoor, Director Transformation & Automation COE for Aon and Ankit Goenka, Head of Customer Experience at Bajaj Allianz General Insurance Company Ltd, were part of a panel discussion that highlighted how AI is radically changing customer experience by creating human-centric digital services in the BFSI Sector.
• Discussions at the conference also centred on how NBFCs can adopt AI into their current digital infrastructure to reduce time-to-decision and boost pro-active risk management.
• AI’s ability to detect patterns in data to help identify fraudulent claims in the insurance industry.

World AI Show (BFSI & NBFC) also featured the Big BFSI & NBFC Awards that honoured the top thought-leaders who are bringing about a significant change in their organisations and industries through technology implementation and strategies in applying future technologies.