How are Indian banks adopting digitisation and AI?
“In an article by finder.com, it is said that India is set to experience the biggest boom in digital banking adoption in the next five years, with a 21 per cent increase in adults with online-only bank accounts. This means that by 2025, there is an estimate that just under 400 million Indian adults will hold neobank accounts. A recent survey report highlights that an estimated 205 million Indian adults already have a digital-only bank account. This number is predicted to increase to 397 million within the next five years.
AI in payments: About 40 per cent of payments will be optimised using AI-derived routing models by the year 2025.
digibank provides AI-backed Intelligent Banking services to customers, enabling them to manage their finances better, leading to higher engagement, retention, and transactions. Since the AI-powered insights feature within digibank went live in 2020, the bank has seen 47% repeat usage of the feature month-on-month. In fact, digibank is already contributing to about 20% customer acquisition across all our branches, thus complementing the bank’s physical network.”