A survey by PwC-FICCI has revealed that with the highest AI maturity index, the banking sector of India is leading in implementing and adopting emerging AI uses cases. As per the report, the banks will be able to save the cost worth $447 billion by 2023 with the help of AI applications.
The report has also revealed that some Indian banks are using AI to identify borrowers with a high tendency to default, to identify high-risk cases, to determine lifecycle and macroeconomic events for small as well as medium businesses. Also, as per the survey, 83 percent of the respondents from the Indian financial sector say that they have a proper artificial intelligence strategy, while 65 per cent feel they are leaving behind their peers in implementing artificial intelligence.
AI is facilitating insurance firms in improving their decision-making and creating enhanced customer experience. These firms are using AI-based services for auto insurance operations including renewal and claims inspection and new policy generation. The firms also use AI-powered solutions for claim analysis and fraud detection.
