Artificial Intelligence and Machine Learning (AI/ML) are poised to revolutionise financial services in unprecedented ways, RBI governor Shaktikanta Das said while speaking at the Global Fintech Fest 2024. AI algorithms are already being deployed for fraud detection. Machine learning models are increasingly being employed in credit scoring, leveraging predictive analytics to assess creditworthiness, and expand access to credit. AI-driven chatbots and virtual assistants are steadily enhancing customer service experiences by providing personalised recommendations, resolving queries promptly, and improving overall satisfaction. As AI and ML capabilities continue to evolve, their potential applications in regulatory compliance, investment advisory services, and algorithmic trading are expected to further redefine the financial landscape. Looking towards the future of India's financial landscape, the integration of cutting-edge technologies promises transformative advancements across various facets of our life, the RBI chief noted.
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