January 18, 2021 9:01 am

Indian banks are deploying Artificial Intelligence to improve efficiency, reduce costs

Some of India's largest banks including state-owned SBI and Bank of Baroda are deploying artificial intelligence (AI) to improve efficiency and reduce operational costs.

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Some of India’s largest banks including state-owned and Bank of Baroda are deploying (AI) to improve efficiency and reduce operational costs. State Bank of India has SBI Intelligent Assistant (SIA) — a smart chat assistant, evolved from the “cutting edge technology of artificial intelligence, that efficiently resolves queries of NRI customers, similar to that of a bank representative.

The bank is also in the process of instituting an ‘Innovation Centre’ that will explore how emerging technologies such as AI and Robotic Process Automation (RPA) can help in making internal banking processes more efficient. Another state lender Bank of Baroda has evolved an innovative concept by setting up of hi-tech digital branch equipped with advanced gadgets like AI robot named Baroda Brainy and Digital Lab with free Wi-Fi services.

Private sector banks too are using the advance innovative technology for improving workforce productivity and enhancing the customer experience.

app ’emPower’ is scheduled to get major enhancements like chatbot and AI based e-commerce payments. Supratim Chakraborty, Associate Partner, Khaitan & Co, said that given the immense competition in the banking sector, push for process driven services and the demand from customers to provide more customised solutions, many banks are opting for technologies using AI.

According to a global consultancy firm PwC, in this era of technology disruption, enterprises are under immense pressure to digitise operations, and they see a future where human work can be augmented through the use of software robotics. These enterprises, the report said, are beginning to view a digital workforce as part of their digital transformation strategy by combining elements of RPA, AI and analytics to automate business processes.

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