How Artificial Intelligence Can Transform Financial System We live in an age of fintech, where such intermediaries are making life easier and affordable. Hence, technology needs to play a big role in it.
By Entrepreneur Staff •
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Artificial intelligence is being leveraged in every industry and sector across the globe, and financial institutions and systems are no different. "There is an opportunity to transform technology in the financial system as a whole", shares Thomas Kurian, CEO, Google Cloud.
Google is one of the top three tech giants leading the AI revolution worldwide. We live in an age of fintech, where such intermediaries are making life easier and affordable. Hence, technology needs to play a big role in it.
"With initiatives like UPI, ONDC and other things, many of these products increasingly are going to shift from traditional batch to real-time and not just payment. But also things like credit issuance, advisory services, wealth management and other things. And so there's also a shift going to happen from traditional processing to real-time. When you do that you need to really think through how you are going to change your core systems, but also how you can interface the core systems with new technology that can support the requirements of the new ways of doing real-time transactions, credit scoring, fraud prevention, analysis and to address those while dealing with increasing regulatory concerns, new regulatory requirements and other things," notes Kurian at the ongoing Global Fintech Fest 2023.
He feels that by leveraging technology we can improve access to financial services, and reduce latency and risk in the ecosystem.
So, how can financial institutions get started? The tech giant started with three specific areas while working with Deutsche Bank - defining and reaching customers with offers, creating a hyper-personalized customer interface using its Gen-AI, and offering sophisticated anti-money laundering platforms.
"There is an option to change the way you build products, to change the way it reaches customers, and to change the cost of doing some of these operations," he concludes.
