Banking on AI: The time is ripe for Indian banks to embrace artificial intelligence – IAM Network

Therefore, banks must leverage AI to balance the need for privacy and security with personalisation and engagement. Creative implementation of AI by start-ups and fintechs has helped further this trend. From personalisation to customer service, fraud detection and prevention to compliance, and risk monitoring to intelligent contract documents, AI has helped banks gain better control and predictability.Related NewsToday, customers expect faster, personal, and meaningful services and interactions with their banks and little tolerance for generic unsolicited messages. Therefore, banks must leverage AI to balance the need for privacy and security with personalisation and engagement. That said, the Indian banking sector has some amount of catching up to do.While Indian banks have explored the use of AI, it has primarily been used to improve customer experience by adding chatbots as an additional interface for customers like SIA by State Bank of India, Eva by HDFC and iPal by ICICI.