News headlines continually show us that we are a hugely heterogeneous country. While we may talk about our demographic dividend, we surely have a huge population of elderly people, many of whom are excluded from the growing variety of financial services. The biggest population lacking access to general financial services, and particularly digital financial services, is obviously those in the rural areas.
The large number of initiatives by the government of India – both central government and state governments – are surely making a difference. I have one thing that I see that we should be trying out to maximizing the coverage.
That thing is generative AI to engage with customers. ChatGPT has shown that customers are hugely attracted to this technology. It has proven itself to be attractive to all kinds of customers, independent of their age, literacy, gender, income, profession, etc.
This must be promoted at as customer engagement initiative…it should not be used to push for selling from day one. If that happens, I suspect customers will lose the trust in the system. Let the AI system first create trust and build friendship.
I expect that this will additionally generate a lot of ideas from customers on how they would like to be approached and engaged. With that insight, AI can enable personalization to an extent never possible below. Training human beings to handle all the possible variations is not possible….this is something that only AI can do.
I expect a golden era where financial services can expand to the remotest corners and engage with each and every citizen. We may retain our heterogeneity as a nation, but AI can surely lower the barriers and bring all of us closer together for mutual benefit and prosperity.