Upkar Singh, IT Leader - Fidelity Information Services India Pvt Ltd  

“The scale of customer base in India perspective is – 

•    India will become the third largest domestic banking sector by 2050, after China and the US, according to a report
•    With India’s working age population set to increase over the next decade, it promises exponential growth.
•    According to IBEF data, India’s mobile wallet industry is estimated to grow at a CAGR of 150 percent to reach USD 4.4 billion by 2022
•    Whereas mobile wallet transactions will touch USD 490 billion by 2022.

To take advantage of this growth, the Indian Banking and FSI industry is placing its bets on disruptive technology such as RPA, blockchain, AR/VR and AI. The efforts are still in pilot phase for banking players. But with the sector’s rising interests towards capturing customer share, technology is set to play a leading part in shaping the industry’s future.

AI may be the next big thing for many industry sectors, but banks are veteran users of this technology.AI can serve customer in few areas such as - Building customer trust and confidence, Cost and operations optimization, Improving compliance with regulations.

AI is rapidly reshaping what’s necessary to build a successful business in financial services. In the future, financial institutions will be built on scale of data and the ability to leverage that data.”