The pace at which technology has been galloping in the last few years is remarkable at the very least. Technological growth has even defied the observations of Moore’s Law in recent times, with powerful simulation processes like Artificial Intelligence (AI) reducing the complexity of data-heavy tasks to irrelevance. The BFSI sector as such is certainly no stranger to technological advancement. Over the years, and quite rightly so, it is this sector that has perhaps benefited the most through technological breakthroughs. This comes as no surprise really, considering the sheer number of customers, the amount of data and the expanse of information that the BFSI sector juggles.
Many Fintech companies these days are actively employing AI and Machine Learning to achieve truly phenomenal results in the lending space. It wasn’t long before consumers had to submit a long list of physical documents to process their loan applications. Before the advent of paperless banking, lending processes involved cumbersome paperwork besides a long list of other pain areas including delayed disbursals, multiple verification calls, personal visits and undue process delays. Technology has stepped-in to eliminate most of these hurdles, and getting a personal loan these days has never been easier. Many Fintech lenders who’re actively leveraging AI have evolved a seamless process where consumers can finish their loan applications and receive funds in as little as 3 minutes! Loan processes these days have been rendered so easy and convenient that ordering a pizza or hailing a cab can appear to be fairly difficult tasks in comparison.
The overall impact that AI has had on the BFSI sector has been quite amazing indeed