Saturday, April 29, 2017
News

Indian financial institutions embracing data analytics, AI: PwC

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai | Friday, 2017 4:15:05 PM IST
 
Focusing on data analytics, mobile and AI technologies, FinTech companies are changing the market dynamics and 95 per cent of Indian financial institutions are expected to partner with FinTechs in 2017-18 to boost innovation, global consulting firm PricewaterhouseCoopers (PwC) said on Friday.

According to the PwC FinTech report Redrawing the lines: FinTech's growing influence on Financial Services', 84 per cent of the respondents said they are driving internal efforts to innovate through FinTech.

"Eighty seven per cent of financial institutions consider startups to be source of disruption and a majority of the players say they are embracing FinTech and seek to utilise it to grow and transform their businesses," said Vivek Belgavi, Partner and Leader, Fintech, PwC India, in a statement.

"However, other entities like social media platforms and e-tailers have also been cited as the source," Belgavi added.

Sixty seven per cent of Indian financial institutions consider non-traditional FinTech companies a threat to their business.

This number is slightly lower than the global average of 80 per cent, perhaps an indication that the market in India is not yet as matured as it is globally, particularly in the non-payments segments, the report added.

Most incumbents in the industry are focused on data analytics, Mobile and AI technologies because so far, many of them have found it difficult to manage their data and offer customer-centric and insights driven digital services.

"But developments around emergent technologies like chatbots, natural language searches and digital KYC can enable them to enhance and expand their portfolio of services," the report said.

--IANS anuj/na/bg

( 270 Words)

2017-04-21-15:52:09 (IANS)

Watch News Videos

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
TRENDING TOPICS
 
 
 
CITY NEWS
MORE CITIES
 
MORE BUSINESS NEWS
India to be voluntary tax compliant soci...
First China-Britain freight train comple...
Pakistan Foreign Office mum over Jindal ...
With U-Dictionary app, you can now tap t...
Amazon evaded $141 million in taxes: Ita...
Salman, J.J. Valaya attend wedding of bi...
More...
 
INDIA WORLD ASIA
PM Modi to inaugurate International Basa...
For plastic surgeons: Learning 'danger z...
Modi urges Muslims not to politicise tri...
Militants explode two bombs in Manipur...
Kejriwal admitting mistakes an emotional...
India invites Cyprus to join India's gro...
More...    
 
 Top Stories
Three killed in train run over... 
Raghubar writes to Nitish Kumar for... 
Raghubar Das meets Guv at Rajbhawan... 
Three children injured in firecrack... 
India invites Cyprus to join India'... 
India, Britain draw in Azlan Shah t... 
Over 1,600 detained in Turkey's sec... 
Judo training centres to be opened ... 
 
Weather in Delhi