Redefining BFSI: How Metaverse and AI are Shaping the Future

In this quick interaction, Rajesh Mirjankar, MD & CEO of Kiya.ai, delves into the emerging trends and innovations poised to redefine BFSI. As we explore the transformative power of Generative AI, the potential of the Metaverse, and the importance of personalization while respecting privacy, Mirjankar offers a vision of BFSI’s future where technology and the human touch collaborate to create customer-centric financial experiences

We are witnessing a surge of innovation in the BFSI sector. Could you shed light on upcoming trends and innovations that might further enrich the BFSI sector?

When examining technological innovations in the BFSI sector, several stand out as pivotal drivers of change. The top three trends that I believe will significantly impact the BFSI sector are:

Firstly, the rise of Generative AI is monumental. Unlike earlier forms of artificial intelligence that were complex and tailored primarily to experts, Generative AI simplifies its application, making it accessible to a wider audience. It renders context-sensitive conversations, even enabling businesses to integrate context-specific conversations. This is a game-changer.

Secondly, data analytics, powered by machine learning, will shape credit scoring and customer relationship management. Businesses will increasingly rely on alternative data to make informed decisions. This will transform customer experiences.

Lastly, the concept of the metaverse holds immense potential. It offers a new paradigm for interaction and commerce, bridging the limitations of current technologies. Metaverse technology, when integrated inclusively via AR, VR headsets, mobile phones, laptops, and kiosks, has the potential to redefine how we shop and interact online.

Personalization is a growing trend today. How do you envision personalization enhancing the customer experience in the BFSI sector?

Personalization indeed enhances customer experiences, but it must always respect privacy and data security. In our metaverse, we prioritize user privacy by allowing users to anonymize their identities. This means customers can use services without revealing their personal information. Anonymized identities are verified and granted access to the metaverse.

Moreover, users can personalize their avatars, making them resemble their real selves. This not only adds a sense of identity but also facilitates practical activities like clothes shopping with accurate fit predictions. We also use AI to analyze user behavior, ensuring that recommended products align with their preferences.

In essence, personalization is about creating a customized user journey while respecting privacy and data security.

Integrating technology with the human touch is essential for personalized customer relationships. How do you see this integration evolving in BFSI?

Integrating technology and the human touch is paramount for maintaining personalized customer relationships. Our metaverse leverages generative AI to provide hyper-personalized product recommendations based on customer behaviors.

For instance, wealth management goals can be aligned with a customer’s financial aspirations. We also focus on ethical AI usage, data privacy, and data protection, ensuring that customers’ sensitive information remains secure.

In the BFSI sector, this integration will lead to more personalized financial products and services, empowering customers to achieve their financial goals more effectively.

What is your vision for the future of the BFSI sector, considering these technological advancements?

Looking ahead, I believe the BFSI sector in India will see continued innovation and digitalization. Cryptocurrency, while unlikely to become a standard for transactions, will likely remain as an asset class with its set of regulations.

Decentralized Finance (DeFi) will gain traction, driven by blockchain technology and Central Bank Digital Currencies (CBDCs). This will create new opportunities for startups and fintechs, collaborating with traditional financial institutions.

The use of CBDCs for tokenization and smart contracts on the blockchain will enable innovative products, offering greater financial inclusion and accessibility. Startups and fintechs, in partnership with established financial entities, will play a vital role in shaping this transformative future.