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Artificial Intelligence

36% of financial organizations in India already investing in AI, while 70% planning to invest soon: PwC and Assocham report

36% of financial organizations in India already investing in AI, while 70% planning to invest soon: PwC and Assocham report

The Indian Government has taken many initiatives to energize the use of artificial intelligence (AI) towards the economic transformation of the country. A report from PwC and Assocham revealed that over 36% of large financial organizations in the country were already investing in AI-driven technologies, while 70% were planning to invest in these technologies soon.

An Artificial Intelligence Task Force has been set up in the country by the Ministry of Commerce and Industry, Government of India, to pave the way for AI-led economic transformation in the country.

The Government of India is encouraging companies to set up AI-focused innovation centers in the country through its initiatives including ‘Digital India‘ and ‘Make in India‘.

AI Task Force has its focus on financial services, manufacturing, healthcare, agriculture, national security and defense, and education. Since India is an agrarian country, Indian Government finds it a natural choice to adopt AI in agriculture.

According to the report, more than 71% of the respondents believed that AI will help humans in solving several complex problems and live more enriched lives.

The report highlights that the potential of AI, machine learning, and robotics had not been fully realized in financial services in India. These technologies can transform the customer experience by offering more personalized services and improving the back-office efficiencies.

“Establishing data access frameworks and guidelines for open application interfaces from financial institutions will act as an enabler for increased adoption of AI in the sector,” the report stated.

The business decision makers cited machine learning, virtual private assistants, decision support systems, and information aggregation solutions as the most impactful AI-powered solutions.

Around 55% of the them said that the benefits of AI for business through generating growth and boosting productivity will outweigh potential employment concerns.

To improve the quality of education, many startups in the country are using AI. They are trying to help students work on past mistakes by using AI-based systems that can learn from data and provide personalized feedback and recommendations.

In the field of defence and security, AI can be used to provide protection against economic and sectors and infrastructure which are vulnerable to attacks. AI platforms can detect anomalous behavior, while the robots can be used to do the risky tasks like detecting mines, deep water probes, recovering explosives etc.

Also read: Global enterprise AI market will touch $1.2 trillion this year, and $3.9 trillion by 2022: Gartner

India is forming cooperative relationships with a lot of countries who are forerunners in AI, to develop solutions that can tackle social and economic challenges. Government of India established its relationship with Japan, the UK, Germany, Israel and China.

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