AI fuels NBFCs' rise, challenging banks.

Non-banking financial companies (NBFCs) are rapidly integrating artificial intelligence into their operations, a move that is reshaping the financial sector. This strategic adoption of AI is enabling NBFCs to gain market share and is projected to lead to faster credit growth compared to traditional banks.

Over the coming decade, NBFCs leveraging AI are expected to demonstrate superior underwriting efficiency. This technological advancement signifies a potential shift in financial industry leadership, with NBFCs poised to outpace their banking counterparts in key performance metrics. The ongoing integration of AI heralds a new era of competition and innovation in financial services.