July 4: State-owned banks have upped their dependence on Artificial Intelligence, in a bid to improve the overall efficiency of the banking process. Banks including SBI and Bank of Baroda have now started deploying artificial intelligence to reduce operational costs and thereby improve the efficiency.
India’s largest lender SBI has already rolled out SBI Intelligent Assistant, or shortly SIA, that focuses on resolving queries of customers like a bank representative with the backing of artificial intelligence. Solutions for almost all the everyday queries of the customers can be obtained using the chat box on the SBI portal.
Additionally, SBI is also instituting an Innovation Centre to boost the research in emerging technologies including AI and Robotic Process Automation so as to get them deployed for the betterment of the banking processes.
Bank of Baroda too is leveraging the power of artificial intelligence. A hi-tech digital bank has been setup by the bank featuring AI-backed Robot which the bank calls Brainy. Additionally, the branch is also equipped with a Digital Lab and free Wi-Fi services.
With private sector banks already making use of advance innovative technology, the banking industry in the country has embraced a rapid digital journey that will reshape the future. However, there are still regulatory hurdles awaits the banking industry with regard to implementation of advanced technology.
Justice Srikrishna Committee that was appointed to table data regarding data privacy opines that regulation of emerging technologies like AI and IoT could be complex, given the fact that they can operate outside the framework of the traditional privacy principles.
Investments with regard to AI are made by banks in area that are heavily data intensive. With that in the background, the central bank will have to play a more proactive role in framing regulations for the emerging technologies that will help banks adopt newer technologies alongside guaranteeing customer privacy.