The future of Fintech with AI in India: An overview.

Financial technology, known as Fintech in short, is a leading industry in the financial sector today. Our daily activities seem incomplete without fintech. We are all well aware of Paytm, Google Pay, and all the rest. But what are Paytm and other UPIs, and how do they impact the population? To learn more, please scroll down.

Need to pay bills or want to do any online transactions? You can just sit at home and do it using any UPI app such as Paytm, Google Pay, RazorPay, etc. The general lives of people have become more advanced with these fintech giants.

Now, how does it impact the population? Its user-friendly experience allows customers to do all the activities with ease. People are turning tech-savvy by doing all their transactions online. Perhaps a sign of turning more digital in a personalised way.

Siddharth Mehta IL&FS former director and the founder and CIO of Bay Capital, has also called fintech the evolving market giants. According to him, fintech has a tremendous impact on the finance sector.

Artificial Intelligence or Chat Generation Pre-trained robots, known as AI or ChatGPT, are a hot topic these days. Everywhere we hear about this, but what is this, basically?

AI, or ChatGPT, or machine learning, is a technique where human intelligence is demonstrated by machines. The advanced technology embedded in them behaves like a human with you. Ask anything of it, and it will give you surprising and accurate results.

Now, how about using AI with fintech?

You heard it right. In a recent interview with a renowned Indian media outlet, Vijay Shekhar Sharma, the founder and CEO of Paytm, said, "I believe that in 2023, with the advent of early-stage AGI (artificial general intelligence), we will see more opportunities to bring efficiencies in business and Al-first offerings".

According to him, AI will bring a revolution to fintech. He further added that Paytm will be at the front line of the AI revolution to make its services more efficient for customers.

Siddharth Mehta, the CIO of Bay Capital,'s vision of growing fintech can be quite relatable with the usage of AI technology in fintech. He also sees a very positive and promising output with the usage of such technology in fintech, which will boost the economy of the country.

Want to know how AI will help fintech to grow? Please scroll down.

With AI, the existing technology in fintech will be replaced by a new and advanced one. Now, digital payments will take place in a more robust way. The AI-powered fraud detection system will help in detecting fraudulent transactions and minimising the risk of suspicious activities.

The advanced machine learning algorithms, which detect all the datasets and patterns as well, continuously learn from the behaviour of the transactions or activities that take place from time to time and enhance the fraud detection capabilities in mitigating or minimising the risk. The lending system will also be easier to understand by analysing the borrower's background in credit terms.

More effective chatbots will help enhance customer experience and support. The SNLP (speech and natural language processing) algorithms embedded in AI will help in understanding the customers’ query in an effective manner and providing real-time assistance. These are just a few of the technological advancements AI will bring to fintech, but there is much more it can do.

Siddharth Mehta IL&FS former director and the founder and CIO of Bay Capital, sees or claims a full-fledged growth of fintech in the Indian market, turning the economy fully digital. Even his company, Bay Capital, is investing in digital India.

In conclusion, it will not be wrong to say that AI will bring more advancement to the financial sector. We can expect more technological advancements and innovative solutions with AI, shaping India’s economy in more digital terms.

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