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Data, AI, and customer-centricity: Navigating the redefinition of financial services in the digital era

The article from The Hindu Business Line discusses how data, AI, and customer-centricity are reshaping the financial services sector in the digital era. It highlights the transformation driven by the integration of advanced technologies like AI, machine learning, and big data analytics, which are enabling financial institutions to offer personalized services, enhance customer experiences, and streamline operations. The piece emphasizes the shift towards using data not just for risk assessment but for understanding customer behavior, preferences, and needs, thereby fostering a more tailored approach to financial products and services. It also touches on the challenges such as data privacy, security, and the need for robust regulatory frameworks to manage the ethical use of AI. The article concludes that while technology offers significant opportunities for growth and innovation in financial services, it also necessitates a balanced approach to ensure customer trust and regulatory compliance.

Read the Full Business Line Article at:
[ https://www.thehindubusinessline.com/money-and-banking/data-ai-and-customer-centricity-navigating-the-redefinition-of-financial-services-in-the-digital-era/article68930724.ece ]