Startups in India are beginning to use artificial intelligence (AI) to improve customer interactions and enhance their services in the wealth tech sector. Bengaluru-based startup Stable Money is one example, aiming to use AI to create smoother customer interactions.

Large language models (LLMs) and AI are gaining traction in India’s rapidly growing wealth tech sector. Startups are moving beyond robo-advisory and algorithm-based trading, exploring advanced AI models like ChatGPT to process market information and serve clients more effectively.

Centricity, backed by Lightspeed India Partners, is developing an AI-powered recommendation engine that could offer services through voice commands. The company is also integrating generative AI into various processes to aid advisors in learning and development.

IndMoney is applying AI to various areas, such as summarising market reports for mobile consumption and extracting financial insights from market trends and research documents. Additionally, the company is exploring internal use cases for generative AI to enhance team productivity.

Mumbai-based mStock, backed by South Korean financial major Mirae, is also investigating AI to standardise customer responses and improve reaction times.

While AI has significant potential in financial services, there are considerations around data security and client confidentiality that need to be addressed. 

The Securities and Exchange Board of India (SEBI) has mandated that investment advisors disclose the use of AI in suggesting investment products to customers, emphasising the importance of data security and compliance management by registered advisors.

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