Indian Fintech Moves Beyond AI Demos
AI is all set to take centre stage at the Global Fintech Fest (GFF) in Mumbai this week, with product…
At the Global Fintech Fest (GFF) in Mumbai, AI is taking center stage, with fintech companies showcasing product launches, live demonstrations, and discussions on how the technology is transforming financial services. While AI is being implemented across various areas such as customer onboarding, credit decisions, fraud detection, servicing, and payments, the focus is on its operational integration rather than autonomous financial decision-making.
Kedar Kulkarni, cofounder and CEO of HyperVerge, outlines three phases of AI adoption: digital onboarding, fraud prevention, and AI-assisted decision-making. Customer service, fraud management, and underwriting are the most active areas for AI adoption, with AI agents handling around 80% of customer-service calls for US-based subprime credit-card fintech Sparrow.
However, the industry faces challenges in terms of regulatory compliance and accountability, particularly in lending where AI models cannot make final credit decisions without human oversight. Despite these hurdles, fintechs are actively deploying AI agents in various aspects of customer journeys, with the potential for broader scale adoption in the BFSI sector in the near future.
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