Banking on intelligence: How AI is powering the next evolution of financial services

By Sunil Pandita Senior VP and Head of Business, South Asia

AI is transforming risks, reshaping customer journeys and redefining operations for banks and NBFCs alike. Players who stay agile and tactically adopt AI, LLMs, and agentic workflows stand a greater chance of winning the game.

In the late-1980’s, the Security Pacific National Bank deployed a system to detect potential fraud and unauthorised debit card transactions, marking the first use of artificial intelligence (AI) in day-to-day banking activities for measurable benefits. Today, financial institutions must credit AI for much more, as it doesn’t just process—it perceives, predicts, and acts.

AI is transforming how financial institutions serve customers, secure transactions, and scale operations—redefining the future of banking and NBFCs alike. Across India’s financial landscape, banks and NBFCs are scaling Generative AI (GenAI), as it offers the potential to boost productivity by a staggering 46% by 2030 ...