AI driving transformation in financial services

Ankur Pal of Aplazo highlighted AI’s transformative impact on financial services, focusing on personalised products, efficiency, and fraud detection.

Bank, banks, AI

At YourStory’s Tech Leaders’ Conclave, Ankur Pal, Chief Data Scientist at Aplazo, discussed how AI is transforming the financial services industry. Aplazo aims to address financial inclusion, especially in developing countries with low credit card penetration, by providing fair and transparent solutions like their Buy Now Pay Later (BNPL) platform. Pal highlighted AI’s potential to revolutionise fintech by creating personalised financial products and improving operational efficiency, ultimately reducing friction for consumers and institutions.

Pal emphasised AI’s role in enhancing decision-making processes, reducing fraud, and improving customer service. AI-driven solutions enable real-time data processing, which helps financial institutions detect and prevent fraud more effectively.

Additionally, AI can automate routine tasks, allowing financial professionals to focus on strategic initiatives. The real-time decision-making is becoming increasingly important as financial institutions invest in event streaming infrastructure and machine learning operations (MLOps) stacks to manage high transaction volumes with low latency.

Overcoming financial inclusion barriers was a key topic, with Pal noting that many developing countries still have a large unbanked or underbanked population despite high bank account ownership. AI can bridge this gap by offering tailored financial solutions for underserved communities.

Pal also discussed the importance of leadership and the skill sets required for building successful AI teams. He stressed the need for adaptability, continuous learning, and a deep understanding of both technology and business to create valuable AI solutions. While AI will transform job roles, it will also create new opportunities, making it crucial for leaders to foster a culture of innovation.