Financial sector automation

14 FEB,2021 | MEDC


 

According to a recent survey, 83% of Indians trust robots more than humans to manage their finances. Financial anxiety and worries among consumers and business leaders has more than doubled in the past year. To help navigate financial complexities, consumers and business leaders are increasingly trusting technology over people. That being the case, the need for a strategic technological upgradation in the finance and banking sector becomes paramount. Even from the employment perspective, deploying the right kind of robotics and artificial intelligence in the financial services sector can lead to sustainable job creation. With social distancing likely to remain enforceable for quite some time more, there is a need to change the entire operating model of the financial services sector to ensure a seamless delivery of goods and services to their customers. At the same time, the concomitantfraud and cybersecurity risk issues need to be suitably addressed. Financial sector automation in India is no longer a luxury, but an absolute necessity. 

*Photo Credit: Google

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