Financial institutions’ massive data is enabling lots of AI uses

The banking, financial services and insurance (BFSI) industry has been the biggest user of technology, and also one of the fastest in adopting emerging technologies. Artificial intelligence (AI), for instance, is today used across a range of areas, and that’s been made possible by the humongous amounts of data that financial institutions have.

Bala Singhania, EVP & head of digital at HDFC Life, says credit decisioning for retail customers – who to give loans to, how much – is now done pretty much through AI. “What we see today, like loan on phone, where credit decisioning is done in a very automated fashion, and very, very fast, is because of that,” he said on our webinar last week.