Banks using artificial intelligence to improve efficiency

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While every other news regarding banks these days has been chalked out with negativity, this report by Financial Express seems to be on the positive note. According to the report, banks including State Bank of India, Bank of Baroda and so on, have adopted the use of Artificial Intelligence in order to make their customer service a lot more efficient and of course, reduce operational costs.

Having already adopted AI on its website, State Bank of India has branded it the SBI Intelligent Assistant (SIA). The SIA is a smart chat assistance and answers the queries of the bank’s NRI customers. According to the bank, their AI banks on cutting edge technology and provides solutions to their customers on a daily basis via their smart chat box. In addition, SBI is on the verge of rolling out their ‘Innovative Center’ that will be embedded by Artificial Intelligence and the Robotic Process Automation (RPA). This will help them make their internal banking processes a lot more efficient, time-saving, and cost-friendly.

AI-Banks
Banks using artificial intelligence to improve efficiency

Apart from State Bank of India, Bank of Baroda has also taken their processes to a new level by setting up a high-tech digital branch. This high-tech digital branch comes with the benefit of free WIFI services, their developed Digital Lab and Baroda Brainy (customer service expert).

While this seems like the way forward, Justice Srikrishna said that the Reserve Bank of India will have to look into the matter with regard to Artificial Intelligence handling bank operations and chalk out a framework to ensure that banks follow the principles of privacy of their customers.

Source: Financial Express

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