India’s financial landscape is experiencing a significant transformation, driven by banks, insurers, and fintech firms leveraging AI in customer-facing roles. Kiran Jagannath, Head of Financial Services and Conglomerates at AWS India, highlights a shift from being software buyers to builders, fueled by cloud technology and data modernization. Fintech startups are digital natives, while insurers embraced cloud early, enabling them to innovate rapidly without legacy constraints. Conversely, banks began their cloud journey later but accelerated post-COVID-19, recognizing the need for digital agility, especially amid the growth of UPI.
The transition towards generative AI and agentic AI represents the next frontier in this evolution. These technologies aim to streamline processes like KYC and fraud detection, allowing employees to focus on value-added tasks. However, success necessitates a modernized technology foundation and a cultural shift in how teams collaborate. The future points toward a contextual, voice-driven banking experience, seamlessly integrated into users’ daily lives.
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