Creation of Next-Gen AI Model in BFSI

An integrated ecosystem is essential in the financial services sector to facilitate stakeholder collaboration and engagement. Financial Institutions are early adopters of AI solutions. As per the rapid changes and growth happening in African Economy, this is essential for the financial sector to engage the digital factories or fintech companies in implementing and building pilots for the AI-based Next Generation Eco System.

There are certain responsibilities of different stakeholders (like Investors or Financial Institutions, Technology Vendors, Government & Regulatory Bodies, Research Institutes, FinTech Startups) to come up together to build the aggregated ecosystem where the capabilities would drive various automation processes across the financial value chain system leveraging AI-based applications.

  1. Investors or Financial Institutes: provide early-stage funding support and market access.
  2. Technology Vendors: build AI infrastructure and support through several collaborative initiatives.
  3. Government & Regulators: develop policies, regulations, and initiatives to strengthen an AI infrastructure.
  4. Research Institutions: skill-building and producing talented future-ready workforce.
  5. FinTech startups: innovative solutions transforming traditional financial services.

The following framework illustrates how the aggregated ecosystem can be driven the automation across the financial value chain processes to support all the mission-critical systems.

By Avijit Dasgupta
Head Of Digital Identity & Payments Practice – CompuLynx


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