In the fast-changing world of financial technology (fintech), India is leading the way in innovation. They're using cutting-edge technologies to change how money works in the country. Over the last twenty years, India's banking, financial services, and insurance (BFSI) sector has grown a lot. This growth has shifted India from using mainly cash to using digital money.
Alok Kumar Agarwal Alankit, a respected industry expert and former Managing Director of Alankit, says that artificial intelligence (AI) and machine learning (ML) are key players in this transformation. They're making things more efficient, secure, and accessible. Alankit explains that AI and ML are changing the way things work in finance. They're helping to catch fraud, create personalized experiences for customers, and make repetitive tasks easier. This technological change isn't just making things faster and better for customers, it's also shaping India's financial future. From predicting trends to assessing risks, AI and ML are crucial for making better decisions in finance.
Indian fintech startups are leading the charge in using AI and ML to solve problems in finance. Alankit says that many digital payment platforms in India use AI to stop fraud. They look for unusual patterns or behaviors to keep users safe from scams. By using ML, fintech startups can look at different kinds of information, like how people use their phones or behave on social media, to decide if someone can be trusted to borrow money. This helps more people, especially those who don't have a credit history, access financial services. It's a way to include more people in the financial system and give them more control over their money.
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