CIO plan for implementing AI

A 5-point CIO plan for implementing AI-based automation in daily work operations

The need for an effective CIO plan for implementing AI Many studies have found that if organizations do not evolve their mindset and efforts to implement AI in their organizations, they risk creating a huge gap between themselves and other institutions that are advancing by adopting AI. And for those organizations that adopt AI, not […]

Top Artificial Intelligence (AI) Applications in Banking 2022

Top Artificial Intelligence (AI) Applications in Banking 2022

Introduction Cognitive top Artificial Intelligence (AI) applications in banking 2022, have increased tremendously, especially with the return of the new normal early in the year. After the pandemic, many banking organizations opted for facilitating operations through process automation, which in pre-pandemic times was mostly manual or automated in a limited way. As the banking and […]

AI for customer service

Enabling AI for customer service and enhanced CX in Insurance

Introduction AI for customer service is enabling businesses to digitize every touchpoint to certain degrees to make the customer journey more effective and memorable. In fact, a McKinsey study states that AI and automation can reduce the cost of a customer care journey for insurers by as much as 30% [1]. Businesses that handle mass […]

Mistakes to avoid while implementing ai solutions

Mistakes to avoid while implementing AI solutions

Introduction Defining a right approach towards AI implementation is the key for successful deployment. It is feasible to think on the possibilities of what AI can do, but the groundwork required to make it happen could be the very first challenge. No organization would like to see failure at the deployment stage, as the loss […]

Intelligent Automation for insurance underwriting

Intelligent Process Automation (IPA) for streamlined insurance underwriting management

Introduction  Insurance Underwriting and its management is a crucial department in the Insurance industry as it helps determine appropriate pricing for the correct risks associated with businesses. However, manual underwriting risk assessments are time-consuming, prone to errors, and may cause information loss. In fact, according to Accenture, more than 50% of an average underwriter’s workday […]

intelligent document archival with AI automation

Using AI automation to rethink document archiving

Introduction The era of digital transformation has inspired many organizations to re-think how they align their actions towards their business goals. Document management is one area where technology is changing the game by giving organizations the ability to automate their document management processes and reduce costs. As the volume of electronic information continues to rise, […]

IPA for non-banking financial companies

How can AI and IPA benefit the non-banking financial companies (NBFCs)

Introduction  Over the past few years, the Financial Services (FS) sector has witnessed a reduction in expenditure required for carrying out processes related to customer transactions. As more information is exchanged between channels, new data keeps accumulating. Even with the adoption of new digital technologies, many non-banking financial institutions struggled to cope with this shift […]

Artificial Intelligence transforming BFSI

How Artificial Intelligence is transforming BFSI at a global level?

Artificial intelligence (AI) has made significant inroads in several industries. The Banking, Financial Services, and Insurance (BFSI) sector is no exception. From streamlining processes to providing personalized services, AI in BFSI is helping organizations to improve their operations and better serve their customers. In this blog post, we will look at some of the ways […]

Responsible AI and Ethical AI for businesses

Key Aspects of Responsible AI and Ethical AI that every business should know

Introduction  Responsible AI is the practice of designing, developing, and deploying AI with a good intention to empower employees and businesses. Whereas Ethical AI is the branch of ethics of technology that is specific to Artificial Intelligence systems.  By adopting responsible AI, organizations can allow a positive impact on customers and help them inculcate the […]

ai-based ecosystem

How to build an AI-based Ecosystem for business process automation

Introduction – The need for an AI-based Ecosystem  AI has gradually emerged as a strong technology used in different businesses to enhance daily work operations. As Artificial Intelligence evolved over the past few decades, its scope of operations also expanded, thus making this technology viable for introduction in diverse work areas in businesses. This vast […]