Technological innovations are riding the horse of Digital Transformation for the industries including BFSI. Financial institutions going digital have streamlined their processes reducing human efforts and cost. Sweeping through the financial industry, The Digital Transformation has accelerated the competitive landscape. Stepping into the digital era, banks have started embracing technological innovations to reach and engage customers on social channels.
The financial institutions have reduced their operating time in acquiring new customers by moving their infrastructure to the cloud. The BFSI industry is focussing on empowering digital technologies to boost its operational excellence.
Let’s see how the BFSI sector embarks its Digital Transformation journey.
- Risk Management with AI
Banks and Financial institutions have always been the targets for hackers in search of monetary gains. Stay aware – your bank might be the next target. Risk management plays a vital role in the BFSI sector. Stepping into the digital era banks are investing in technologies like Artificial Intelligence to identify risks and frauds. According to an expert report, 32% of financial institutions are using AI to minimize financial risks and frauds.
In the digital era, AI is the game-changer for banks and financial institutions as it enables potential solutions to identify fraudulent activities. AI solutions evaluate the unstructured data fuelling the financial institutions with reliable data avoiding losses.
- Customer-Centric Service
Customer retention and strategies to acquire new customers are crucial for every industry including the banking sector. The technological advancements have enabled the BFSI sector to personalize their services to the customers by analyzing the customer data. The financial institutions are using digital technologies to closely observe customer buying behavior and find out what the customer is looking for.
