Himanshu Kalra’s Post

How has HDFC Bank transformed its customer service in the last 18 months by leveraging advanced AI and ML? Watch the full interview here: https://bit.ly/4bT5Ig8 Gautam Anand #India #fintech #banking #AI #ML #financialservices

How has HDFC Bank transformed its customer service in the last 18 months by leveraging advanced AI and ML? Watch the full interview here: https://bit.ly/4bT5Ig8 Gautam Anand #India #fintech #banking #AI #ML #financialservices

How has HDFC Bank transformed its customer service in the last 18 months by leveraging advanced AI and ML? Watch the full interview here: https://bit.ly/4bT5Ig8 Gautam Anand #India #fintech #banking #AI #ML #financialservices

In the ever-evolving landscape of Fintech, the introduction of Generative AI (GenAI) can become game changer, especially in the crucial 𝐕𝐢𝐝𝐞𝐨-𝐊𝐘𝐂 (𝐕𝐊𝐘𝐂) process mandated by the Reserve Bank of India (RBI) for customer onboarding in Indian banks. Traditional VKYC, implemented by giants like Axis Bank, HDFC Bank, State Bank of India, ICICI Bank, Punjab National Bank, Standard Chartered, Deutsche Bank etc., often relies on third-party services, leading to issues like unavailability of agents and time-consuming document verification. Enter Generative AI – a powerful tool that can streamline and secure the VKYC process. By leveraging AI technologies like natural language processing and computer vision, GenAI can autonomously handle identity verification, document analysis, and customer interactions with efficiency and accuracy. This means: 🕒 𝐑𝐞𝐝𝐮𝐜𝐞𝐝 𝐖𝐚𝐢𝐭𝐢𝐧𝐠 𝐓𝐢𝐦𝐞: Automated verification cuts down the onboarding time significantly. 🔒 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: Advanced AI algorithms ensure secure and reliable identity verification. 💡 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Minimized human intervention leads to a smoother, faster onboarding process. For Fintech companies, the adoption of GenAI in VKYC is not just about compliance but also about enhancing customer experience. #DigitalTransformation #BankingTechnology #AIinBanking #CustomerExperience #FintechRevolution #VKYC #product #strategy #businessStrategy #GenAI #sbi #axisbank #icici #hdfc #pnb #management #rbi #innovation #india #startup #neobanking

Continuing the exploration of FinTech's evolution, I dove into the transformative role of Artificial Intelligence (AI) in this dynamic sector. AI-Powered Innovations in FinTech 💡: AI is revolutionizing FinTech by improving services like fraud detection, customer support, and personalized financial advice. Machine learning analyses large data sets in real time to detect fraud, enhancing security for consumers and businesses. Enhanced Customer Service 🛠️: AI-driven chatbots and virtual assistants offer 24/7 customer support, handling queries and resolving issues faster than traditional methods. HDFC Bank's EVA (Electronic Virtual Assistant) has efficiently managed millions of customer queries. Similarly, JP Morgan Chase's COiN (Contract Intelligence) program uses machine learning to review documents and extract essential data, significantly reducing analysis time. Personalized Financial Services 💳: AI helps FinTech companies offer tailored financial products. For example, Cred uses AI to analyze user behavior, providing personalized credit card management and rewards. This enhances user experience and promotes better financial habits. JP Morgan Chase uses AI in its mobile app to offer personalized financial advice and budgeting tools based on spending patterns. Risk Management 📈: AI plays a crucial role in risk management. Razorpay uses AI to monitor transactions, ensuring regulatory compliance and mitigating risks, making the financial ecosystem more robust. JP Morgan Chase employs AI to enhance fraud detection, significantly reducing fraudulent transactions and protecting customer data. Prospects of AI in FinTech 🚀: The integration of AI in FinTech is still in its early stages, with immense growth potential. As technology advances, we can expect even more sophisticated AI applications, further driving innovation and efficiency in the financial sector. #FinTech #AI #ArtificialIntelligence #Innovation #DigitalPayments #FinancialInclusion #CustomerService #FraudDetection #PersonalFinance #RiskManagement #Technology #Banking #HDFCBank #JPMorgan #Razorpay #Cred #FutureOfFinance #EconomicGrowth

🎓 Excited to be a part of GL Bajaj's Management Program, specializing in Finance! 💼 Today, I had the privilege to attend an enlightening session on ChatGPT and AI tools. 🤖💡 As the finance sector continues to evolve, understanding the role of AI in financial management is crucial. Learning about ChatGPT and its applications in finance has been eye-opening. From automating routine tasks to analyzing complex data, AI tools like ChatGPT offer immense potential to streamline processes and drive innovation in the financial industry. I'm grateful for the opportunity to expand my knowledge and stay updated on the latest advancements in finance and technology. Looking forward to applying these insights to my future endeavors and contributing to the ever-changing landscape of financial management.Parikshit Khanna 💰📈 #GLBajaj #Finance #AI #ManagementStudent #FutureFinanceLeader

#GenAI 🤖 is now accessible to everyone 📢📣 which means its no longer a concept of future but it's Live🎯 for you today. #AI in Financial institutions 🏦will play a larger role than thought before in building solid use cases that deliver value 🚀🚀, Here are some use cases 👉 #Credit #Risk Assessment - AI can analyze vast amount of data from multiple sources that can provide real time risk assessment & user scoring🎗️ FIs like BharatPe CRED Navi Groww, India are already working on initial uptake of these models 🥇🥇 👉 Create Future Forecasts & plan AOPs - AI with huge amount of varied past data can create Annualized operating plan & financial forecast👌👌 👉 Contextual & Personalised #Marketing - AI through Bots can assist in conversational commerce & talk about in and around user acquisition, activation & retention Tools like CleverTap Netcore Cloud are already working on a few beta versions that allow super contextual versions of commerce⚒️⚒️ Eg - Mamaearth uses contextual emailers basis cookie clicks and displays the same product to different users basis the cookie trail ⌛⌛ 👉 Manage & Boost user experience - AI bots clubbed with NLPs can deliver a robust service mechanism equipped in handling basic as well complex enquires. FIs like IDFC FIRST Bank American Express have completly moved to AI first service approach🏆🏆 Eg - A user wants to understand his EMI calculations, AI can work on a tool and assist the user in understanding EMI Calculations 🚀🚀 👉 Multi Lingual Conversations through both text & speech Multilingual payments, service requests, accounts balancing are super strong use cases waiting to be disrupted 🗣️🔔 Yellow.ai & IBM 's Clear AI voice chat bot are emerging are super strong use cases. Truecaller's call screening assistant available in non enterprise version priced at just 299 is like the #oppenheimer of #voiceai for consumers 🔥🔥 👉 #Risk advisory & #Fraud detection Wealth tech sector has been already working on robo advisory models but Gen AI can boost the models that actually work towards instant gratification of consumer needs. Org's like Riskified & Signifyd have emerged as well built platforms solving #Ecommerce fraud management 💪💪 INDmoney Paytm Money are already on this path & building a robust central advisory that enables trades, optimizes portfolios & build cohort packs 📦📦 Over the next few years we will see #AI being adapted with exponential speed & precision in all industries which will empower user adoption at super fast pace 🏃🏃🏁🏁 Adding links of must do AI basic courses for free in Comments, Make the most of it 👇👇 #genai #chatgpt #BFSI #innovation #digitalamarketing #futurism #technology #socialmedia #jobs2023 #punejobs #india #socialentrepreneurship #management #banking #india #product #productjobs #LIPostingChallengeIndia

🚀 "AI Revolution Hits Banking Sector: The Ultimate Game Changer" 🚀 A groundbreaking report from Citi today announces that the banking industry is set to face more job displacement than any other sector due to advancements in AI technology, as covered by Yahoo Finance. It appears we are at the tipping point of an AI revolution, where banks are increasingly turning towards automation to streamline processes and improve overall efficiency. Goodbye manual tasks, hello AI! However, here's an interesting twist. Despite the potential job displacements, an increase in hiring AI managers and specialists is anticipated, implying a significant shift in the job market rather than an outright displacement. So, what could this mean for us? For starters, this technological shift will not only fast-track banking operations but also put a spotlight on the increasing need for upskilling. The message is loud and clear - adapt and upskill, or get left behind.💡 🌐 What are your thoughts on this transformation? How do you think AI advancements will reshape the future of employment across various sectors? Drop your thoughts below! 👇💭 #AI #Banking #Automation #Upskilling #FutureOfWork

Data-Ready Companies will Take the Lead in the AI Race in 2024 Since the arrival of ChatGPT, everyone has been discussing the threats and benefits of AI. The key concern is that AI might take human jobs. Statements from various leaders assure everyone that AI can enhance people's potential, thereby increasing productivity and efficiency. Additionally, AI is expected to handle non-creative jobs. The forecast suggests that those who do not adapt to AI and upgrade their skills will be the ones to suffer. In a Ted Talk by investor Cathie Wood, she mentioned that a combination of five technologies, including AI, will significantly impact the global economy. The equity of $13 trillion is projected to grow to $200 trillion. Cathie highlighted three key areas influenced by AI and these technologies: an increase in productivity, higher wages, and lower costs leading to potential deflation. However, the fear of AI taking over jobs seems to be coming true. Surprisingly, an Indian startup has announced 1000 job cuts due to AI automation. This noteworthy point indicates a shift from past technological impacts led by tech companies. In the case of AI, startups are early adopters, as larger organizations are yet to establish their data infrastructure correctly. Accenture's Chief Executive, Julie Sweet, emphasized this fundamental need for implementing AI in an FT article two weeks ago. All businesses and organizations are and will be focusing on AI like any new tech. However, in 2024, the emphasis should be on getting the data right and establishing a foundation for AI. ##TheDataGuy #AIimpactingJobs #Dataquality https://lnkd.in/eQrnZHwJ https://lnkd.in/e-_sW-9b