Indian financial services has moved past the AI pilot; the harder test is value
India’s financial services industry has spent the past three to four years investing in AI. It has also had enough time to establish that AI can improve specific tasks. The more difficult question now is whether those gains can be converted into changes in how banks and NBFCs actually operate.
Radhika Saigal, Financial Services Consulting Leader at EY India, sees the industry at an “interesting inflection point”. The returns from AI are real, she says, but they remain concentrated disproportionately in productivity and efficiency rather than in fundamental business-model transformation. That distinction is becoming increasingly important. Improving an existing task does not necessarily change the economics of the process around it.
“Financial institutions have become very good at proving that AI can work,” Saigal says. “The harder question is can you redesign an entire process around AI and actually change the economics of that process?”
The gap between demonstration and...
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