"AI and machine learning (ML) are becoming a key part of India's financial sector, impacting areas like banking, insurance, lending, and wealth management. These technologies help financial institutions quickly analyze large amounts of data, providing useful insights that improve decision-making and customer experiences.

In fraud detection, AI looks at transaction patterns closely, spotting unusual activities that might indicate fraud. ""This proactive method not only reduces financial losses but also strengthens consumer trust in digital transactions,"" says Mr. Alok Kumar Agarwal Alankit.

AI-powered credit scoring models are also making it easier for people to access credit. These models assess an individual's creditworthiness by looking at their financial behavior and socio-economic factors, giving lenders a more complete picture.

Read More:-https://www.theweek.in/wire-updates/business/2024/05/02/dcm33-alok-kumar-agarwal-alankit.html

Alok Kumar Agarwal of Alankit: Exploring the Impact of AI and ML on India's Financial Services

Ranvijay Singh