National Conference Explores Transformational Impact of AI in Banking, Finance, and Insurance at PSG College
The Department of Commerce (Banking and Insurance) at PSG College of Arts and Science successfully hosted a National Conference on September 24, 2024, focusing on the transformational impact of Artificial Intelligence (AI) in the Banking, Finance, and Insurance sectors. The event brought together industry experts, academics, researchers, and students from across India to discuss the evolving role of AI in these critical industries.
Setting the Stage for AI in Finance
The conference began with a prayer song, followed by a warm welcome from Dr. R Geethalakshmi, Convenor and Head of the Department of B.Com (Banking and Insurance), PSG College of Arts and Science. Dr. V Venkatachalam, Organising Secretary, provided an overview of the conference, which aimed to enhance the understanding of AI’s impact on financial decision-making and operations. The Principal of PSG College, Dr. D Brindha, delivered the Presidential Address, emphasizing the importance of technological advancements in financial services.
In a key highlight of the event, the ISBN edition of the National Conference book was released by the dignitaries. Smt. R Kalpana, Assistant General Manager of the Reserve Bank of India, Chennai, delivered the inaugural address, offering insights into the importance and benefits of AI in transforming banking and finance. She touched on AI’s ability to streamline operations, enhance decision-making, and improve customer service in financial institutions.
AI Drive in Finance – Enhancing Decision Making and Operations
The first session, led by CA. Kurian V. John, Assistant Professor at St. Stephen’s College, Kottiyam, delved into how AI is revolutionizing decision-making and operations in the finance sector. He discussed the 7 Dimensions of AI in Finance, exploring how AI-driven tools and software are reshaping financial management, risk assessment, and operational efficiency. The session saw high engagement from participants, sparking a lively exchange of ideas and questions.
Personalized Banking, Customer Service, and Fraud Prevention through AI
Dr. N. Kavitha, Professor from REVA University, Bengaluru, spearheaded the second session, focusing on AI’s role in personalizing banking services, improving customer interactions, and enhancing fraud prevention. She introduced participants to the concepts of open banking and 24/7 AI-powered customer support, highlighting how AI is driving a more personalized and secure banking experience.
Insurance and Cyber Security – The Future of Protection
In the post-lunch session, Dr. S. Dhanaraj, Dean at carrierTiQ Solutions Pvt Ltd, Chennai, addressed the critical role of cybersecurity in the insurance sector. He discussed the increasing threats to data privacy and security in insurance and how AI is becoming instrumental in protecting sensitive information. His session included real-life examples, emphasizing the need for robust AI-driven security solutions in the insurance industry.
AI – Redefining the Future of Banking and Finance
The final session was led by Dr. L. S. Shridhar, Associate Professor at St. Joseph’s College, Bengaluru, who explored the theme “AI: The Future is Now – Redefining Possibilities.” He captivated the audience with futuristic insights on how AI is not just an emerging tool but a defining technology in reshaping the future of banking, finance, and insurance.
The Valedictory Session was chaired by Dr. R. Geethalakshmi, who summarized the highlights of the conference. Participants were awarded certificates for their active involvement, which contributed to the overall success of the event. The conference concluded with a vote of thanks by Dr. V. Venkatachalam, leaving attendees inspired and equipped with new perspectives on how AI is transforming the financial landscape.
The National Conference on AI in Banking, Finance, and Insurance at PSG College was a resounding success, offering participants valuable insights into the power of AI and how it is shaping the future of these industries.
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