‘Future of Indian banking is intelligent, secure, and driven by AI'

Studies indicate that a large section of Indian banks leverage AI chatbots, improving accessibility and convenience.
Image used for representational purposes only.
Image used for representational purposes only. Express

BENGALURU: Artificial intelligence (AI) is rapidly transforming the Indian banking sector and there has been an increase in AI-tailored financial products and services to individual needs.

In an interaction with TNIE, Manish Sharma, CEO of PureSoftware, and Anil Baid, the company’s founder and chief strategy officer, say this technology offers significant advantages, enhancing security, streamlining operations, and personalising customer experiences.

Studies indicate that a large section of Indian banks leverage AI chatbots, improving accessibility and convenience. Also, the majority of Indian banks today utilise AI for fraud detection, safeguarding customer information.

“The future of Indian banking is intelligent, secure, and driven by AI. Through continued innovation and collaboration, Indian banks have the potential to become global leaders in the exciting world of AI-powered finance,” Baid said.

PureSoftware was recently acquired by IT firm Happiest Minds. PureSoftware delivers solutions across a diverse range of industries. Among these, the BFSI (banking, financial services, and insurance) sector stands out as a key revenue driver for the company. Its BFSI offering and the flagship product Arttha is empowering banks and financial institutions with cloud-native solutions encompassing digital lending, payments, and BNPL (buy now, pay later) options.

“Arttha integrates outdated legacy systems with modern digital banking solutions, removing barriers to agility and innovation. It prioritises enhancing customer experience by offering intuitive interfaces, omnichannel capabilities, and personalised services, meeting the evolving expectations of digital banking customers," said Sharma.

When asked about innovations happening in the banking sector, Sharma said the financial sector is undergoing a digital revolution, transforming how we manage our money.

“AI will become commonplace, with virtual assistants providing 24/7 support, personalised financial advice, and even fraud detection. Open banking protocols will allow you to securely share your financial data with authorized third-party applications, fostering a more competitive and innovative financial landscape. This could lead to a wider range of financial products and services tailored specifically to you,” he said. He added that banking will subtly integrate into daily life. “Imagine automatic savings with online purchases or instant financing at the point of sale. Embedded finance will streamline your financial activities,” he explained.

Future of banking tech

Baid says a shift towards digital channels is on the anvil, which will prompt the development of intuitive platforms for seamless banking experiences.

“Additionally, emerging technologies such as AI and blockchain will revolutionise banking operations, driving efficiency and enhancing customer service. Data-driven insights will also play a crucial role, enabling personalized experiences tailored to individual preferences,” he said.

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The New Indian Express