Indian banks embrace AI to drive costs down

SBI has deployed a virtual assistant to resolve customer queries.

Indian banks are increasingly turning to artificial intelligence in a bid to drive costs down as they grapple with the fallout of soaring bad loans, reports Times of India.

Also read: HDFC Bank rolls out second version of humanoid bot for branch banking

State Bank of India has deployed a what it calls SBI Intelligent Assistant to resolve customer inquiries in chatbox on the SBI portal.

The bank is also in the process of setting up an 'Innovation Centre' that will explore the potential of emerging technologies like Robotic Process Automation (RPA) in streamlining internal banking processes.

State lender Bank of Baroda has also rolled out hi-tech digital branch equipped with advanced gadgets like AI-powered robot named Baroda Brainy and Digital Lab with free Wi-Fi services.

"Indian banks are making AI investments in areas that are data intensive, systematic and critical to the bank's focus on profitability, customer experience, productivity and compliance," Kalpesh Mehta, partner at Deloitte India told Times of India.

Also Read

Singapore fintech funding down 10% to $208m in Q3

Why banks will be ‘invisible’ by 2030

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit