6Artificial Intelligence Applications in the Indian Financial Ecosystem
Vijaya Kittu Manda1* and Khaliq Lubza Nihar2
1Perspectives in Business Management & Economics, Visakhapatnam, Andhra Pradesh, India
2Department of Finance, GITAM School of Business, GITAM Deemed to be University, Visakhapatnam, India
Abstract
The Indian banking and financial services (BFS) ecosystem uses artificial intelligence (AI) primarily in five major areas—customer service/engagement (chatbot), 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. ...
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