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

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

Must Read

A Balancing Act: Personal Data Protection Bill gives more power to govt, data can be processed abroad

The Personal Data Protection Bill is likely to water-down many suggestions of draft Bill prepared by the Justice BN Srikrishna.

Over 50% candidates with Hindi, regional languages clears UPSC civil service exam in 2018

In 2018, a total of 812 candidates were recommended for central civil services, among them 485 candidates were those who had chosen Hindi or other regional languages as mother tongue

Modi govt to amend IT Act to trace rogue messages on WhatsApp

The Union government said that to trace rogue messages on platforms such as WhatsApp, it has proposed to amend the Information Technology (Intermediaries Guidelines) Rules, 2011 of the IT Act, 2000
Tech Observer Desk
Tech Observer Desk
TechObserver.in covers e-governance, enterprise IT, startups, telecom and consumer electronics.

Some of India’s largest banks including state-owned SBI 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 , 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 (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.

- Advertisement -
avatar
1000
  Subscribe  
Notify of
- Advertisement -

Latest in TECH

Modi govt mulling to bring national level blockchain framework

While replying to question in the Lok Sabha, the Union minister of state for electronics and IT Sanjay Dhotre said that an approach paper on National Level Blockchain Framework is being prepared
- Advertisement - ESDS eNight Cloud Hosting

Related Articles