Artificial intelligence to power banking

With an increase in the number of FinTech startups, banks are now trying to collaborate with them, thereby leveraging Artificial Intelligence and Machine Learning, to serve their customers better. Also, with small finance banks and payments banks coming in, banks want to get the most of the newer technology. Yes Bank has embarked on a journey to setup a world-class SMAC (Social-Mobile-Analytics and Cloud) support system, as it believes that this will play a key role in enhancing the overall customer delivery and service process. Yes Bank Chief Digital Officer Ritesh Pai says, "Over the last two years, our dedicated teams have extensively worked to set up a mobility platform, CRM system and also an analytics platform, which is tightly integrated with various internal and external data sources including unstructured data from various web and social sources which is often referred to as Big Data," he adds. The bank recently launched the Yes Fin-tech accelerator.