Alok Kumar Agarwal of Alankit Analyzes AI and Machine Learning’s Impact on India’s Financial Sector
India is rapidly embracing new technology in the financial sector, making it a leader in fintech innovation. Over the past 20 years, the country’s Banking, Financial Services, and Insurance (BFSI) sector has grown significantly, shifting from a cash-based economy to a more digital one.
According to Alok Kumar Agarwal, former Managing Director of Alankit, artificial intelligence (AI) and machine learning (ML) are playing a key role in this transformation. He explains, "AI and ML are driving a major revolution in finance!"
These technologies are making banking and financial services more efficient, secure, and accessible. AI and ML help detect fraud, personalize customer experiences, and automate routine tasks, making operations smoother and improving customer satisfaction.
Furthermore, AI-powered predictive analytics and risk assessment algorithms are helping financial institutions make better decisions and improve overall performance. As these innovations continue to evolve, they will shape the future of India's financial landscape.