Generative AI and predictive AI offer distinct advantages for BFSI businesses. This article explores their differences, applications, and real-world examples.
Automated loan underwriting utilizes AI to streamline and enhance the evaluation and approval of loan applications. It reduces processing time, minimizes human error, and improves decision-making, offering a faster, fairer, and more consistent lending process.
AI agents are autonomous programs that perform tasks, make decisions, and interact with systems and users. They streamline operations, enhance decision-making, and improve customer service in finance.
AI in insurance is emerging with key innovations like automated claims processing, personalized policy recommendations, and advanced fraud detection.