SBI, other banks using AI big time to improve efficiency, cut costs

Indian banks, including state-owned SBI and Bank of Baroda, have started deploying artificial intelligence (AI) in a big way to improve efficiency, detect human behaviour and reduce operational costs. State Bank of India, the India's largest lender, 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 artificial intelligence robot named Baroda Brainy and Digital Lab with free Wi-Fi services. "The Indian banking industry is on a rapid digital journey and has been adopting technologies like artificial intelligence and machine learning which will reshape the future.