Generative AI Transforms Indian BFSI Sector: Brillio's Global CTO Shares Insights

In a transformative leap, generative AI is reshaping business operations across India's Banking, Financial Services, and Insurance (BFSI) sector. Chander Damodaran, Global CTO of Brillio, delves into how this cutting-edge technology is streamlining processes, enhancing customer experiences, and driving innovation. From automating tasks to ensuring compliance, generative AI's impact is profound, and its potential continues to unfold in the dynamic landscape of Indian finance. 

How has generative AI revolutionised business operations in the Indian BFSI sector? Could you please provide specific examples from the Indian market where GenAI has made a significant impact?

AI has come a long way, reflecting both the ingenuity of human intellect and the complexities of replicating it artificially. AI represents a transformative force and has become an indispensable part of every organisation’s strategy. In today’s fast-paced world, CXOs are faced with diverse challenges ─ ranging from customer experiences, data privacy, and compliance, to talent building, adaptability, and continuous innovation and improvement ─ that demand both foresight and agility. We are seeing generative AI usage across three broad spectrums: decision-making, data engineering, and technology modernisation.

What are the major challenges faced by the Indian BFSI sector in leveraging GenAI?

As a regulated industry, the BFSI sector must understand the challenges of implementing generative AI’s probabilistic actions on two levels. The first is around the impact on IP protection, data privacy, trust and safety, and sustainability goals because of high power use. The second concerns Digital Personal Data Protection (DPDP), which balances the rights of individuals to protect their personal data with the necessity of processing such data for lawful purposes.

What are the primary benefits of GenAI in banking and financial services, especially in India?

As a regulated business that has strong processes and governance, generative AI can shine really well in automating processes, thus reducing costs and enhancing work speed and quality.

How important is personalised customer experience in BFSI? How does GenAI contribute to that area? What is your take on successful strategies for implementing personalised customer journeys using GenAI, especially in India?

CXOs need a new mindset to satisfy customers and achieve business goals, one that prioritises quick delivery, iterative methods, and value creation. Customers now want smooth and easy experiences across every channel, device and touchpoint they choose at any time. Businesses need to shift from multichannel to omnichannel to multi-experience. This means using different modes, digital touchpoints, apps, and devices to create and offer seamless experiences.

A good strategy is not just about adding AI tools and technologies to existing processes. It is about embracing a new mindset that puts human needs, ethical issues, and complete solutions first. It is about making AI human-centred by integrating AI into experiences, processes, and customers’ ways of working.

What role does GenAI play in enhancing security and compliance within the BFSI industry?

As generative AI becomes more pervasive and influential, it’s essential to promote secure and ethical practices in an organisational setting where an AI governance framework needs to be a part of security strategies. This means aligning AI governance goals with business objectives, ensuring that systems are not only secure, but also enable organisational development and innovation through pragmatic access controls, robust threat modelling, threat management, and mitigation. 

How is Brillio using Google Cloud's generative AI for Indian financial services?

Brillio's Cloud and AI Studio with Google Cloud helps customers:

• • Apply AI across decision-making, data, and product engineering.
  • Deliver human-centric AI solutions at the intersection of business and technology.
  • Modernize enterprise infrastructure, including legacy systems.
  • Automate processes and infuse AI into digital banking initiatives.

What future trends do you foresee in the Indian BFSI sector with the continued adoption of GenAI? How should Indian organizations prepare for these trends to stay competitive and leverage the full potential of GenAI?

AI’s true potential lies in its ability to empower humans. It’s no longer about data and models and human in the loop; it’s about human interactions and applications where AI is in the loop. One key trend is the emergence of autonomous AI that is human-supervised and comprehends the wider context, considering not only the business problem but also the human experience. It incorporates human insights and considerations throughout the development lifecycle, ensuring that AI solutions are not only effective but also match the subtle needs of users and stakeholders.

What is the potential market size for GenAI in the Indian BFSI sector? How can BFSI organizations capitalize on this opportunity?

Cloud and AI have unlocked massive potential across all sectors, specifically for BFSI organisations. The focus should be on incorporating AI into engineering practices to deliver productivity, repeatability, and scale, and on using AI in data-driven decision-making that could enhance personalised experiences, make processes resilient, and drive significant efficiencies through automation.