With increasing adoption of Artificial Intelligence (AI) in the BFSI sector, the immediate question that comes before us is how prepared are we when it comes to data security and compliance? Not to forget that we are living in a data-driven age, what can be done to get your data AI-ready?
With regards to data security, we have the required regulation and technology in place, which will improve in time to make data more secure. However, we need to move ahead in leaps and bounds from a compliance perspective.
In the words of Tushar Garimalla, Chief Growth Officer, Capital Float, “Compliance has traditionally been distant from technology. Upskilling of existing compliance professionals requires significant effort, the groundwork for which remains to be done. This must become a focus area for those involved if AI is to be wholly embraced by the BFSI sector. “