‘AI use cases for India’s BFSI sector are huge,’ says Arundhati Bhattacharya of Salesforce India

Artificial Intelligence (AI) will bring transformative personalisation in the Indian Banking, Financial Services and Insurance sector (BFSI), said Salesforce India’s chairperson and CEO, Arundhati Bhattacharya. 

The Chief Executive Officer told Business Today that the Indian BFSI sector has lacked a great deal of personalisation, but she believes that AI use cases in Customer Relationship Management (CRM) can bring in a lot of personalisation.

She said, “In the Indian BFSI sector, based on my experience, I have realised that the problem is that there is a lack of personalization. It has always been a one size fit for all, but that does not work. But by leveraging AI with CRM, you can bring in a lot of personalization for customers.”

She added that AI’s ability to do repetitive tasks at scale and in a short time will enable this personalization. “If you have used ChatGPT, you can write a letter, but it also gives you the choice to tweak the letter’s tone, be more formal, less formal, etc, and it happens in seconds. This is a general example. Little little things like this can save a lot of time, they can add to the productivity and also give a personalised experience to the customers,” Bhattacharya explained.
The CEO of the tech company, who was formerly the Chairperson of State Bank of India, stressed on the fact that AI integration in the sector would help with better employee utilization.

“The number of use cases for India’s BFSI sector will be huge. Especially in the services sector. Now an employee would not have to look at 15 screens to find the answer, the monotonous part can be handled by the bot,” she said.

It is worth noting that earlier this year, a report by Deloitte highlighted the role of AI in the CRM for the BFSI sector. The report noted that the sector can leverage Artificial Intelligence to analyse customer behavioural patterns and automatically perform customer segmentation which allows for targeted marketing and improved customer experience and interaction.