NBFCs Take Bold Steps Towards AI & Chatbots

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The great American academic Erik Brynjolfsson shared his thoughts on artificial intelligence and its usefulness in routine work life. He said there are lots of examples of routine, middle-skilled jobs that involve relatively structured tasks and those are the jobs that are being eliminated the fastest. Those kinds of jobs are easier for our friends in the artificial intelligence community to design robots to handle them. They could be software robots; they could be physical robots.

AI = PRODUCT + SERVICE

Motilal Oswal Financial Services uses artificial intelligence in multiple places for analysing customer behaviour in terms of customers’ needs and preferences reflected by interacting with them using different channels and touchpoints. This helps the company to design the products in a better manner, which are highly relevant to the audience. It also helps to customize the advice given to the customers.

Arun Chaudhry, head - Online Business & Product Development at the company, reveals the details about the use of AI in the organisation: “We are extensively using AI in building automated advisory products wherein the entire process from risk profiling, investment suggestion to tracking is automated with limited human intervention.”