In the recent Union Budget, Finance Minister Nirmala Sitharaman stressed on digital banking and financial services playing a big part in India’s growth trajectory. As part of this, she urged entrepreneurs to “Make Artificial Intelligence in India and Make Artificial Intelligence work for India.”
Indeed, Artificial intelligence (AI) is gaining traction across industries, including finance. “AI will likely become one of the key areas for the fintech industry sooner than we think,” says Anand K Rathi, Co-founder, MIRA Money.
Rathi, who has been in the investment management business for over two decades, says AI has the potential to transform the wealth-tech industry. “It will help automate client onboarding and request management, creating financial goals basis the customer’s lifestyle, earnings and spending; and target the right investors for specific investment solutions.”
Traditional financial institutions can also leverage the use of AI, experts say. It can be used across operations like customer support, marketing, and risk management, according to a report by Financial Express.
“AI can help prevent fraud in financial transactions by using machine learning algorithms that identify anomalies and trigger warnings,” says Sonam Srivastava, CEO at Wright Research.
Srivastava points out that some challenges remain. “One requires large amounts of data to train AI models, and the availability of high-quality data is limited in India,” she says
