Alok Kumar Agarwal of Alankit Explores AI and Machine Learning Trends
AI and machine learning are becoming more important in different areas of India’s financial industry, like banking, insurance, lending, and wealth management. These technologies help financial institutions analyze large amounts of data quickly, allowing them to make better decisions and offer better services to customers.
For example, in fraud detection, AI algorithms carefully study transaction patterns and quickly spot any unusual activities that may indicate fraud. “This proactive method not only helps prevent financial losses but also strengthens customer trust in digital transactions,” says Mr. Alok Agarwal Alankit.
Moreover, AI-driven credit scoring models have made it easier for people to get loans. Lenders can now assess a person's creditworthiness by looking at their financial behavior and socio-economic factors, making credit more accessible to more people.