Indian financial services company Bajaj Finance has set ambitious growth goals under its BFL 3.0 initiative. The company aims to become an early adopter of emerging technologies such as artificial intelligence (AI) to drive growth and reduce costs.
Bajaj Finserv currently has over 300 projects across its companies focused on leveraging Generative AI (GenAI), as shared during its 'Investor Day' presentation to analysts and investors at the Group meeting in Mumbai on December 10, 2024.
"We believe that financial services in India are increasingly getting digital, it is leveraging data. And those companies that can manage the right balance between people and digital, between growth and risk, between innovation and responsibility, are the ones that have a greater chance in reaching out to customers in what is otherwise a very commoditised industry," said Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv Limited, the holding company for the financial services businesses of the Bajaj Group.
Sanjiv highlighted the success of GenAI, stating, "You can see with Gen AI over 300 projects. On one of those projects we have a Gen AI voice-enabled tool, which you can't believe is not a human that is talking and selling on average 10,000 loans a month for the last year." He emphasised that many of the company's projects are operational and not just in pilot stages.
"We also believe that Gen AI by bringing in natural language into programming will enable a larger, larger number of Indians to get trained for these services. As a country, we have to make sure we create job opportunities for them. Because now the training is getting even simpler again.," Sanjiv added.
