Alfa Bank, the largest private bank in Russia, wins the prestigious Fintech India Innovation Award at the Fintech India Expo at Bharat Mandapam, New Delhi. This marks a ground-breaking moment as Alfa-Bank wins the award in two categories, namely, “Global Leader in Fintech” and “Best Global Use of AI in Fintech.”

The two awards are a testament to the company’s commitment to innovation and advancement in the sector. The first award recognizes the technological innovations ushered by the company in the global Fintech landscape, while the second recognizes the preparedness of the company to embed Artificial Intelligence (AI) in its products as well as operations. 

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AI in Customer Services 

Alfa-Bank leverages artificial intelligence to develop AI assistants and service platforms that adapt to customer needs in real time, delivering personalized financial solutions. For instance, its AI-powered customer support responds swiftly and accurately to inquiries, resolves issues efficiently, and enhances overall service quality. Additionally, advanced big data analytics provide deep insights into customer needs, enabling more tailored banking experiences.

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Enabling Success through Technology 

One of its major achievements is the automatic retraining of models, which has enhanced their quality by over 20 percent while freeing up approximately 30 percent of the technology experts' time. This enables them to focus on more strategic initiatives.
It has delegated 100 percent of its retail services to artificial intelligence, selecting the best personalized offers from more than 10,000 options and improving customer experience. Other AI innovations have enabled the bank to expedite hiring, while automatic generation of employee schedules has expedited customer service by 35 percent. 

Fintech India Innovation Awards

The Fintech India Innovation Awards (FIIA) celebrate the exceptional contributions of global entities in the fintech sector. This year, awards were presented across seven categories, including Best FinTech Company of the Year, Best FinTech Leader, FinTech Leader of the Year (Female), and FinTech Startup of the Year, among others. It is hosted by Fintech India Expo co-located with the 32nd Convergence India Expo.