GFF 2026: AI industry impact report on BFSI shows benefits for Tata Capital, Kissht, and Niyo

A report "Beyond the AI Pilot" released by Beams Fintech Fund along with Alverez & Marsal at the GFF 2026 on Wednesday assessed the AI evolution across the BFSI landscape. Non-banking financial company Tata Capital has seen a near 30% improvement in underwriting productivity, while Kissht has improved first-time-right rates by 30%.

AI startup Sarvam enables Tata Capital to use multilingual voice agents for loan campaign engagement and lead qualification. Sarvam placed the calls, understood customer intent, and captured responses for follow-up. In an early campaign, around 41% of contacted customers engaged with the voice agent, conversations averaged 37 seconds, and around 1 in 6 generated a qualified lead. Nearly all conversations were in Indic languages, demonstrating vernacular voice engagement at scale, the AI report said.

Niyo increased AI-handled customer support to 90% from 10% while keeping support headcount flat despite approximately 4x customer growth, the study shows.

The report shows that financial institutions are deploying AI across efficiency, cost reduction, sales, risk and fraud management, and customer experience, with applications spanning customer acquisition, onboarding, underwriting, servicing, collections, compliance and product creation.

"The operational impact is increasingly visible through productivity, throughput, turnaround time, and service automation, attributable and repeatable P&L impact remains harder to establish," the report said.

In claims, InsuranceDekho/ Artivatic reduced adjudication time from around 6 hours to seconds while retaining human review for complex cases, it said.

Alvarez and Marsel's managing director (business transformation services) Sushil Zaregaonkar said: “The question for financial institutions is no longer whether AI can improve an individual task. It is whether they can redesign the workflow, operating model and governance around that capability to capture the benefit. Institutions that treat AI as a layer added to existing processes may see productivity gains; those that redesign how work gets done have a greater opportunity to translate those gains into structural advantage.”

AI is also moving higher on the strategic agenda of financial institutions, with AI/ML mentions rising sharply across BFSI annual reports. The increase spans banks, NBFCs, wealth and insurance, signalling broad-based momentum across the sector.

Sagar Agarwal, founder and managing partner at Beams Fintech Fund assessed that "the competitive moat will increasingly depend on how effectively institutions translate AI capabilities into sustained improvements in the economics of their businesses. Over time, this could create meaningful divergence in the underlying economics of institutions, as early adopters build advantages that are difficult to replicate through technology adoption alone."

Across the BFSI value chain, three patterns have emerged, the report shows. AI has scaled fastest in lower-risk tasks, data rich functions are not yet fully autonomous, and narrow tasks are more AI-ready than broad responsibilities.