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( votes)With the growing economy we have seen immense growth in the Digital Payments Industry in the last 5 years in India. New technology and avenues in Payments, Lending and Investment have grown. From a cash economy we are now moving to a Cashless Economy.
With so much data now available with Digital Trails Artificial Intelligence has started playing a major role in the Financial Industry in understanding consumer behaviour, Credit Decisioning, Investments and Risk Management as well. While Banks and Financial Institutions are using this data to make the life of consumers easier and run the business efficiently, consumers are also now getting solutions based on AI.
How does it help a consumer?
Today an average person uses multiple money in multiple ways. They may use it in the form of Payments via Instruments like Cash, Wallet, UPI, Credit Card, Debit Card, Gift Card, Net Banking etc. Or they Invest money in Fixed Deposits, Recurring Deposits, Stock Trading, Crypto Currency, Mutual Funds etc. There is a trail of transactions.
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