How the rise of AI is revolutionising the FinTech industry

By Aalesh Avlani

With the Reserve Bank of India (RBI) releasing the National Strategy for Financial Inclusion at the start of 2020, it set the vision and objectives of financial inclusion policies that can ensure easy financial access and timely credit for low-income and vulnerable groups within the Indian population. This national financial inclusion strategy will complement the RBI’s move to issue differentiated banking licenses, all in an effort to bridge existing gaps in ensuring universal access to financial services. That said, the use of innovation and technology continues to be an important pillar in this journey and artificial intelligence (AI) technology has emerged as the leading facilitator of financial inclusion. Let us look at how AI is transforming the financial technology (FinTech) space and enabling financial service providers to leverage data in order to drive faster decision-making.

Driving automation and increasing efficiency of banking services

In a bid to provide banking access to citizens living in remote Indian villages, the RBI has stressed upon strengthening digital financial services and has been promoting the use of advanced technologies to…