In the dynamic landscape of Non-Banking Financial Companies (NBFCs), emerging technological trends are shaping the future. At the forefront of this revolution are Artificial Intelligence (AI), the Internet of Things (IoT), chatbots, and more. The Elets 15th NBFC100 Tech Summit held on 11th October 2023 in Mumbai became a melting pot for such discussions, where industry experts gathered to deliberate on the potential and implications of these advancements. Join me on this journey as we explore the evolution of AI, the concept of augmented intelligence, and its transformative impact on the financial services industry.
The Evolution of AI: From Artificial to Augmented Intelligence
Explore the transformation of AI from artificial to augmented intelligence, amplifying human capabilities.
Artificial Intelligence (AI) has evolved from being a mere replica of human intelligence to becoming an amplifier of human capabilities. At the Elets 15th NBFC100 Tech Summit, industry experts discussed the concept of augmented intelligence and its implications for the financial services industry.
Roopesh Chandran, the Chief Operating Officer of BoB Financial Solutions Ltd., challenged the conventional view of AI and emphasized the shift towards augmented intelligence. He highlighted how AI has become an enabler, accelerating technological advancements and condensing years of progress into a shorter timeframe, as seen during the COVID-19 pandemic.
Augmented intelligence is transforming various sectors, including finance, where AI tools are now processing unconventional data streams to evaluate creditworthiness. This evolution showcases the need to balance AI's capabilities with human interpretation and ensure that financial services remain accessible and equitable.
Augmenting Human Capacity: AI in Modern Times
Discover how AI enhances human abilities and supports operational efficiency in modern times.
AI is no longer an independent autonomous system; it now supports and extends human abilities. In modern times, AI has become an integral part of our daily lives, from responsive lighting systems in hotels to efficient customer service in call centers.
Hardik Thaker, the Deputy Vice President & Head Digital, Analytics & BI at Aadhar Housing Finance, highlighted the transformative role of AI in customer service and credit underwriting. He emphasized how AI enhances operational efficiency and customer satisfaction, particularly in call centers with high turnover rates.
AI's ability to introduce objectivity in credit underwriting and ensure consistent and fair credit assessments is revolutionizing the financial services industry. By augmenting human capacity, AI is driving innovation and efficiency in various aspects of operations.
Navigating a Diverse Landscape: AI's Role in a Multifaceted India
Explore the challenges and opportunities of deploying AI in a diverse landscape like India.
India presents a complex terrain for deploying augmented intelligence due to its diverse consumer needs and varying levels of sophistication. AI adoption must be customized to cater to the diversity within the country.
In the finance sector, AI tools are now processing unconventional data streams, such as social media activity, to evaluate an individual's creditworthiness. However, managing diverse data while retaining the human element in interpretation poses a challenge.
AI must strike a balance between standardization and personalization, particularly in areas sensitive to human nuances, such as language interpretation. This balance is crucial to ensure that AI tools are accessible and valuable without losing the personal touch that characterizes human interactions.
Consistency vs. Personal Touch: Finding the Balance with AI
Discover the importance of maintaining a balance between consistency and personalization in AI-powered financial services.
While AI has shown its efficiency in ensuring consistency in tasks, it is crucial to maintain the human touch. AI must strike a balance between standardization and personalization, especially in areas sensitive to human nuances, such as language interpretation.
AI tools are increasingly being used in customer service and underwriting, where they provide consistent and objective assessments. However, it is essential to ensure that AI does not become overly complex or lose the personal touch that characterizes human interactions.
By finding the right balance, AI can enhance customer experiences and operational efficiency in financial services while still valuing the human element.
Embracing Augmented Intelligence: The Future of AI in Customer Service and Underwriting
Explore the transformative potential of augmented intelligence in customer service and credit underwriting.
Hardik Thaker, the Deputy Vice President & Head Digital, Analytics & BI at Aadhar Housing Finance, highlighted the transformative role of AI in customer service and credit underwriting. He emphasized how AI enhances operational efficiency and customer satisfaction, particularly in call centers with high turnover rates.
Thaker also discussed the remarkable use of generative AI in customer support, citing Bank of America's efficient call center serving millions of customers. This integration translates real-time customer inquiries into system-answered queries, showcasing the vast potential of AI beyond common uses in chatbots and image generation.
As AI continues to evolve, it is set to redefine the customer experience, operational efficiency, and the overall landscape of financial services. The future beckons a world where AI significantly enhances human efforts, driving efficiency and innovation across the financial sector.
The Future of Financial Services with Generative AI: Insights from Gautam Bandhyopadhyay
Gain insights into the future of financial services with generative AI and its potential impact.
Gautam Bandhyopadhyay, the CEO and Co-Founder of Trustt, shared his insights on generative AI in finance, highlighting its potential as a democratizing force in financial capabilities. He discussed how generative AI can aid in product discovery, customer support enhancement, and sales assistance.
Bandhyopadhyay acknowledged the affordable and practical opportunities that generative AI offers to medium-sized NBFCs and banks. He emphasized the potential ROI in customer acquisition, service, and sales support, while also cautioning about the need for transparency and explainability in credit underwriting.
The future of financial services is set to be transformed by generative AI, offering new possibilities for customer experiences, operational efficiency, and overall growth in the industry.
Conclusion
Augmented intelligence is revolutionizing the financial services industry, with AI amplifying human capabilities and driving innovation. The Elets 15th NBFC100 Tech Summit highlighted the shift from artificial to augmented intelligence, emphasizing the need to balance consistency and personalization in AI-powered services.
AI's role in customer service and credit underwriting is transforming operational efficiency and customer experiences. The future of financial services lies in embracing generative AI, which offers new possibilities for product discovery, customer support, and sales assistance.
As AI continues to evolve, it is crucial to ensure that it remains accessible and equitable, retaining the human touch that characterizes financial interactions. The future beckons a world where AI significantly enhances human efforts, driving efficiency and innovation across the financial sector.
FQA
What is augmented intelligence?
Augmented intelligence refers to the concept of AI enhancing and amplifying human capabilities, rather than replacing them. It is a shift from artificial intelligence as an independent autonomous system to one that supports and extends human abilities.
How is AI transforming customer service?
AI is transforming customer service by enhancing operational efficiency and improving customer satisfaction. AI-powered chatbots and systems can provide immediate and contextual responses, streamline interactions, and handle complex data and customer interactions.
What is the future of financial services with generative AI?
Generative AI has the potential to redefine the customer experience, operational efficiency, and overall landscape of financial services. It offers new possibilities for customer acquisition, service, and sales support, driving growth and innovation in the industry.
