The adoption of AI in the financial services industry is increasing at a rapid pace offering opportunities to both reduce costs and generate new revenue sources. Financial institutions such as banks, insurance companies etc. are putting together plans for adoption of AI. The application of these technologies in emerging markets allows financial service providers to further automate their business processes and to leverage new and big data sources to overcome obstacles - including the high cost of serving rural and low-income customers and establishing customer identity and creditworthiness - that prevent the delivery of financial services to many consumers. Realizing financial inclusion benefits through the adoption of artificial intelligence relies on its responsible adoption by firms, on competitive market settings, and on continued investment in the necessary infrastructure.
The conference will help in bringing together representatives of Banks, NBFCs, Insurance companies, technology experts and policy makers at a common platform to discuss several key issues such as making AI explainable, requirement of standardized strong governance framework across sectors, policy on data residency approval and use of AI engines and AI Sandboxes.