Financial services optimisation In the financial sector , Genpact uses AI to optimise various processes such as fraud detection , risk management , and regulatory compliance , demonstrating the transformative power of technology in these critical areas .
“ We operate in a broad set of industry verticals such as high tech , manufacturing , consumer packaged goods , retail , life sciences , healthcare , and financial services like banking , insurance , and capital markets ,” says Shibu .
AI plays a critical role in these sectors . “ AI algorithms analyse transaction data to detect suspicious activities in realtime , significantly reducing the risk of fraud ,” Shibu explains . “ Predictive analytics models assess potential risks and recommend mitigation strategies , enhancing the overall security and stability of financial operations .”
Furthermore , AI drives compliance with regulatory requirements . “ AI helps boost compliance by continuously monitoring and analysing relevant data ,” Shibu adds , highlighting the comprehensive capabilities of AI in maintaining financial integrity .
He continues , “ We are using those data assets now to create Genpact ’ s hero solutions , which we apply to our clients ’ business processes , including finance and accounting , directly impacting cashflow .” aimagazine . com 55