Moneycontrol presents 'FutuReady Banking 2020 - Being AI Smart'

With the economy growing steadily, the financial sector has been reporting an 8.5 percent growth in India. Over the last two or three years, this mammoth sector in the country has been transformed almost unrecognisably, due to various market-friendly policies and matching digital transformation of businesses by banks and financial institutions.

Also, initiatives like the introduction of IT systems in the National Stock Exchange (NSE) in order to cater to the various investors in different locations and the privatisation of stock exchanges has added many new dimensions to the financial sector in the country.

The insurance sector has also seen the corresponding transformation with rapid digitisation of processes, systems and even skills in the customer-facing windows. Global players have entered the market, necessitating aggressive marketing, and distribution techniques. Venture capital brands are also seeing fast growth- and today India has about 34 national and 2 international SEBI registered venture capital funds.

With every sector of the BFSI vertical adding products and services to its kitty, and a large part of them being digital deliveries based, technology is certainly playing a huge role in this new paradigm of the money markets in India.

Without a doubt, the Indian financial services market is being honed to perfection by rapidly changing business scenario, evolving customer expectations, a changing regulatory landscape, and a healthy growing innovations ecosystem.

Here are some facts:

1. As per the latest EY FinTech Adoption Index collated on a survey of more than 22,000 digitally active consumers among 20 different mature and developing markets, India has the second highest rate of FinTech adoption – at 52 percent, much higher than the average adoption rate of 33 percent globally.

2. A recent report by PWC- ‘FinTech’s growing influence on Financial Services’ that surveyed 1,308 financial executives found that while 56 percent put disruption at the heart of their strategy, 30 percent of large Financial Institutions are investing in Artificial Intelligence and 20 percent expect annual ROI on technology-related projects.

In this scenario, Artificial intelligence is clearly one of the most significant forces in financial enterprises. Across verticals, AI has the potential to create explosive disruption in India enterprise. A report by Accenture claims that the adoption of AI has the potential to add nearly $1 trillion to the Indian economy by 2035.

Most leaders in the industry see a strong need for AI in major business areas, clearly going beyond the last generation chatbots to provide proactive customer service. Today, the focus is on automation of backend business processes, so companies can reduce human errors and improve the turnaround time.

While it is not yet the major adoption area, the next-gen use of AI will be to derive data- track consumer behaviour that will help strategies for innovative customized products. With better policies in place, AI could also be used for monitoring processes and data for regulatory compliance, anti-money laundering, and risk management.

All these critical business areas where AI intervention will add a huge value to the sector's business processes will certainly push for higher adoption. With the buy-in from industry, it's not very far into the future that data security and compliance laws will take centre stage, in the roadmap to the alignment of financial institutions’ business objectives with AI.

We bring together industry leaders with relevant expertise and experience in the adoption of AI for the sector and create conversations between the users, and the technology brands that will drive this transformation, in our new event, FutuReady Banking 2020 - Being AI Smart.

About the Event 

It will be a three-hour focused event, attended by the top leadership suite of executives across the vertical – encompassing banking, capital markets, and insurance and financial sector organisations. There will be a discussion on issues, challenges, innovations, and trends in an interactive workshop, and solutions based on experiences, for peer learning and networking.

• Understanding how to define the real problems of AI adoption, work with a peer group on solutions
• An exclusive un-conferencing session with opportunities to interface with industry leaders
• Find out what lies ahead, as senior industry players discuss their programs and business challenges during interactive sessions
• Network, discuss challenges and share ideas during networking breaks, and social activities 

Who Will Attend?

Chief Information Officers, Chief IT Security Officers, Chief Financial Officers, Chief Digital Transformation Officers, Chief Marketing Officer, and Chief Strategy and Innovation officer