As one of the fastest growing economies in the world, India is in the midst of riding the digital transformation wave. Its AI market is forecasted to have one of the largest growth rates, with AI spending expected to reach $5.1 billion by 2027.
Driven by this growth, banks and financial services in India are exploring a myriad of generative AI applications. In fact, according to the 2024 Adobe Digital Trends – Asia Pacific and Japan Report, it was found that 72% of senior executives in India say they have generative AI pilots or solutions in place.
With a growing population size and a diverse content creation landscape, we spoke to a couple of BFSI leaders at Adobe Best of Summit: India Addition, who shed light on the opportunities that generative AI is bringing to their sector.
Enabling marketers to do more
Many Indian brands such as ICICI Home Finance recognise consumer’s increasing demand for content personalisation. Within the region, there’s the added reality of operating in multiple geographies and languages, which adds greater pressure on marketers to increase content velocity.
BFSI brands are now looking to leverage generative AI to help them meet this demand. According to the Adobe Digital Trends - Asia Pacific and Japan Report, 50% of Indian practitioners said they are consolidating / integrating content and marketing tools for improved creation and activation.
“Generative AI allows us to do mass customisation at scale and across multiple segments at the same time,” says Federal Bank’s Chief Marketing Officer M.V.S Murthy.
Generative AI addresses “the challenges of content creation speed and scale in the creative marketing automation space,” says Prativa Mohapatra, Vice President & Managing Director, Adobe India.
With exponential content needs, BFSI marketers can use generative AI to scale content creation and meet the growing demand for more personalised and timely customer experiences.
Fine-tuning models to deliver the right experience
BFSI leaders are looking to do more than just improve their existing processes. They need to reconstruct the way they deliver services. To do this, they need to ensure the necessary capabilities, skill sets and investments for a generative AI-future are in place.
Across industries in India, 74% of senior executives say they are reorganising teams and functions to accommodate the use of AI. “We have provided a common infrastructure which can be used by different teams, and at the same time there can be a lot of lessons to be leant and exchanged with each other,” shares Shashidhar Bhat, Executive Vice President and Chief Operating Officer, Bajaj Technology Services.
Fine-tuning generative AI tools before deployment helps eliminate biases, prevent unexpected outcomes and ensures the technology not only functions correctly, but provides ethical, reliable and valuable interactions, which are critical for maintaining consumer trust.
While generative AI is bringing transformative potential in BFSI, it is crucial that they are implemented in the right way.