The BFSI (Banking, Financial Services, and Insurance) sector has rapidly adopted AI and machine learning, enhancing automation, customer experience, and cost-efficiency. The industry, forecasted to reach a market capitalization of $61.24 billion by 2030, utilizes AI in areas like risk assessment, underwriting, fraud detection, and compliance. Leading companies such as J.P. Morgan, Allstate, and Progressive leverage AI for innovation. ChatGPT, a powerful AI model, further enhances BFSI functions, supporting tasks like customer service, fraud detection, and personalized financial advice. The solution offers significant improvements in retail banking, investment, and insurance sectors by automating complex processes and boosting productivity.

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