7 Compliance Must‑Haves for BFSI Voice‑AI Roll‑outs
The BFSI industry has been leading in AI adoption across all its verticals. In 2019, Juniper Research predicted that chatbots and voice AI would save banks around $7 billion by 2023. These expectations have also increased the size of the AI voice assistant market for BFSI to $23 bn in 2024.
This increase in adoption is combined with increased cybersecurity risk. In March 2024, the US Treasury flagged concerns around these AI systems and how they handle customer and business data.
Enterprise BFSI businesses are also evolving fast to meet this challenge. These large businesses adopt multiple mitigation strategies beyond traditional certification checks around PCI-DSS, SOC-2, and GDPR.
This article will outline seven compliance must-haves that let you mitigate the risks around the data-hungry voice AI technology.
Is Standard Certification (PCI-DSS, SOC-2 & GDPR) Enough to Mitigate Voice AI Risk for BFSI?
Vendors who serve the BFSI vertical treat compliance frameworks like PCI-DSS, GDPR, and SOC 2 as table stakes. These certifications showcase a company’s dedication to data security and customer trust.
1. PCI-DSS ensures regulatory compliance around cardholder data
2. SOC 2 is a certification about the vendor’s systems and their integrity around security, processes, and data handling
3. GDPR creates a rigorous framework for data rights, consent, and transparent practices
These frameworks are critical to an institution’s security and compliance, ensuring that customers’ PII data remains safe.
However, these certifications might not be enough with the new voice AI technologies. These frameworks were created around older data-intensive applications that don’t account for the dynamic operations of voice AI assistants. For BFSI leaders, relying solely on these badges of honor can create a dangerous “compliance gap,” masking deeper operational vulnerabilities specific to Voice AI.
Why Are These Certificates Not Enough to Address Voice AI-Specific Vulnerabilities?
7 Compliance Must‑Haves for BFSI Voice‑AI Roll‑outs was originally published in Artificial Intelligence in Plain English on Medium, where people are continuing the conversation by highlighting and responding to this story.
