WHEN DIGITAL BECOMES THE PAIN POINT: WHAT BFSI LEADERS EXPECT FROM AGENTIC AI

The financial services industry has digitised at speed, but not always with clarity. Systems multiply, processes overlap, and customers still face friction. In this backdrop, BFSI leaders gathered at a BW Businessworld roundtable and debated on whether agentic AI would finally unclog the pipes of financial services, or become yet another patch on an overburdened framework. Read on for a meaningful debate on the subject

- BY MINU SIRSALEWALA

DESPITE BILLIONS SPENT, global studies show that fewer than 15 per cent of AI pilots in Banking, Financial Services and Insurance (BFSI) ever reach scale. Leaders argue that without fixing legacy friction, digital itself risks compounding inefficiency.

The financial services industry has digitised at speed, but not always with clarity. Systems multiply, processes overlap, and customers still face friction. Amidst this backdrop, BFSI leaders are asking: can agentic AI finally unclog the pipes of financial services, or will it become yet another patch on an overburdened framework?

The Unfinished Business

At a recent BW Businessworld roundtable, senior executives from leading banks, insurance firms, and securities houses sat down for an unvarnished discussion on AI. Their focus was not hype or headline-grabbing case studies. It was on what really matters: the unfinished business of digital transformation, the gaps between proof-of-concept and production, and the human realities of customer trust, compliance, and risk.

The conversation revealed a sector in flux – eager to embrace autonomy, but wary of the complexities of legacy systems, regulations, and uneven data quality. For the observers, India’s BFSI leaders offered a mirror of global dilemmas: efficiency, friction, and the search for meaningful AI maturity.

Clearing the Old Bottlenecks

“Repetitive itself is the pain point,” said Shallu Kaushik, CDO at Tata Capital, describing the lending chain where a loan file passes through various stages of sales, credit and operations. At each stage checks are conducted which could be repeat in nature.”