India Artificial Intelligence (AI) in BFSI Market to be Led by Bank Through 2028
The
increasing demand for digital transformation across industries is expected to
drive Artificial Intelligence (AI) in BFSI market across India.
According
to a TechSci Research report, titled “India Artificial Intelligence (AI) in
BFSI Market - By Region, Competition, Forecast and Opportunities, 2029, the
market for artificial intelligence (AI) in BFSI in India is expected to
register robust growth during the forecast period of 2025-2029. Various
government initiatives in India have indeed played a significant role in
driving the uptake of artificial intelligence (AI) in the banking, financial
services, and insurance (BFSI) sector. The Government of India has formulated a
National Strategy for Artificial Intelligence, which aims to leverage AI
technologies across various sectors, including BFSI. This strategy provides a
framework for research and development, skill development, and fostering
collaboration between academia, industry, and government entities. The Digital
India campaign launched by the government focuses on transforming India into a
digitally empowered society. Under this initiative, the BFSI sector has been
encouraged to embrace AI technologies to enhance digital banking services,
promote financial inclusion, and improve the efficiency of financial
transactions.
The
Reserve Bank of India (RBI), the country's central bank, has been proactive in
promoting AI uptake in the BFSI sector. The RBI has set up regulatory sandboxes
to facilitate innovation in financial technology, including AI-based solutions.
These sandboxes provide a controlled environment for testing and deploying AI
applications, ensuring compliance with regulations. The government has
initiated various skill development programs to build a workforce equipped with
AI capabilities. These programs aim to enhance the skills of professionals in
the BFSI sector, enabling them to effectively utilize AI technologies and drive
digital transformation within their organizations. The Indian government has
launched several initiatives to support start-ups and encourage innovation in
AI and related technologies.
Programs,
such as the Atal Innovation Mission, Start-up India, and Make in India have
provided platforms for entrepreneurs and innovators in the BFSI sector to
develop AI-driven solutions and receive support in terms of funding,
mentorship, and infrastructure. The government has introduced data localization
and privacy regulations, such as the Personal Data Protection Bill, to
safeguard customer data and ensure its secure usage. These regulations have
prompted BFSI organizations to invest in AI technologies that can analyze data
locally while complying with data protection requirements. The government has
fostered collaborations between industry, academia, and research institutions
to drive AI innovation in the BFSI sector. Public-private partnerships have been
encouraged to facilitate knowledge sharing, technology transfer, and joint
research projects, enabling the development and adoption of AI solutions.
These
government initiatives have created an enabling environment for the uptake of
AI in the BFSI sector in India. By providing regulatory support, promoting
skill development, fostering innovation, and facilitating collaboration, the
government has played a crucial role in driving the growth of AI technologies
and applications in the BFSI industry.
Browse
over 30 market data Figures spread through 70 Pages and an in-depth TOC on the
“India Artificial Intelligence (AI) in BFSI Market.”
The
India artificial intelligence (AI) in BFSI market can be segmented by
component, technology, end-use industry, and region. Based on component, the
market can be segmented into solutions & services. By technology, the
market can be segmented into machine learning, natural processing language,
computer vision, and others. By application, the market can be segmented into
back office, customer service, financial advisory, risk management &
compliance, and others. By end-use industry, the market can be segmented into
banks, insurance companies, and wealth management institutes.
The
Integration of AI in BFSI Market is providing an edge to the early adopters and
is strengthening their core competencies. The implementation of Artificial
Intelligence will improve banking, insurance, and financial services in the
upcoming years, positively impacting fraud mitigation, customer service, credit
scores, and investment advisories.
Some
of the major advantages of implementing artificial intelligence in BFSI Market
are tailored customer experience, fraud detection, automated back-end
processes, and better turn-around time.
Key market players in the India Artificial Intelligence
(AI) in BFSI market:
- Razorpay
- CreditMate
- LendingKart
- MSwipe
- CogNext
- Capital Float
- Credgenics
- HighRadius
- INDmoney
- INDWealth
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report.
“The
uptake of AI in the BFSI sector in India is driven by the need to enhance
customer experience, improve operational efficiency, mitigate risks, and stay
competitive in the rapidly evolving digital landscape. While AI offers several
benefits, it is important to ensure data privacy, security, and ethical use of
AI technologies to maintain customer trust and comply with regulatory
guidelines. AI-driven automation solutions are being implemented to streamline
routine tasks and improve operational efficiency in the BFSI sector. This
includes automating document processing, data entry, reconciliations, and other
manual tasks, freeing up human resources for more complex and strategic
activities. These technologies offer several benefits, including increased efficiency,
reduced downtime, improved safety, and cost savings thereby positively
influencing the artificial intelligence (AI) in BFSI market in the country in
the coming years.,” said Mr. Karan Chechi, Research Director at TechSci
Research, a research-based global management consulting firm.
India
Artificial Intelligence (AI) in BFSI Market By Component (Solutions, Services),
By Technology (Machine Learning, Natural Processing Language, Computer Vision,
and Others), By Application (Back Office, Customer Service, Financial Advisory,
Risk Management & Compliance, and Others) By End-Use Industry (Bank,
Insurance Company, and Wealth Management Institute), By Region, Competition,
Forecast, and Opportunities, 2029
has evaluated the future growth potential of the India artificial intelligence
(AI) in BFSI market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in artificial intelligence
(AI) in BFSI market.
Contact
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Email: [email protected]
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