• UPI and MDR: Compensation through MDR motivates banks to invest further in cybersecurity and maintain secure rails for the UPI ecosystem despite high operating costs.
• AI customer service: Implementing AI will eliminate call queues and replace slow response times with instant issue resolution, such as automated fee reversals.
• Proactive AI agents: IDFC FIRST envisions dedicated customer AI agents that generate insights and automatically flag or resolve errors, such as duplicate subscription debits.
• Scale and loan volume: IDFC FIRST is disbursing over 15 lakh loans per month and adding approximately 20 to 22 lakh total accounts monthly across savings, FASTag, and credit cards.
• Bank data advantage: Banks hold an edge over fintechs due to access to a wider scope of real-time customer data across savings, loans, demat, mutual funds, and transactions to power AI models.