At a time like this, the banking sector is trying its hand, leg and even head to give a head-start to the AI developments. The financial services industry is appealing to enter AI market to avail the luxury of accurate data and investment. The development assists banks with better customer service, fraud detection, reduction of managing cost and easy decision-making through AI analysis. Customers have expectations that can't be turned down. Expectations to get work done faster and with zero error. The only by-standing solution is the utilisation of AI in the everyday banking sector.

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.

Globally, the financial services industry has proved to be an enthusiastic adopter of Artificial Intelligence (AI) driven by the availability of data and investment appetite. 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. Today, 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.

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. "It provides instant solutions on everyday banking queries in the chat box on the SBI portal," the state-run lender said. 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. Private sector banks too are using the advance innovative technology for improving workforce productivity and enhancing the customer experience. "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.

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.

The advantages of the banking sector from artificial intelligence include seeking operational efficiency; means to detect and predict human behavior; and for lowering operational costs. This also signals further progress with the digital transformation of the Indian banking sector. For example, advent of mobile technologies and the end-users' trust levels in relation to banks security has pushed some Indian banks to adopt technologies such as fingerprinting for customer safety and compliance. This process of transformation has led PwC India's leader banking and capital markets, Shinjini Kumar to state recently: "Many Indian banks, like their Asian counterparts, are geared to use the advantage of local talent and leapfrogging technology to create forward looking digital strategies. However, there is a lot of ground to cover on creating Omni-channel experience and enhancing processes from the customer's point of view."

NEW DELHI: 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. "It provides instant solutions on everyday banking queries in the chat box on the SBI portal," the state-run lender said. 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. Private sector banks too are using the advance innovative technology for improving workforce productivity and enhancing the customer experience. "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.

In the next stage of artificial intelligence (AI) adoption, banks will use AI to help understand the intentions and emotions of customers for better interaction, a new report from Global professional services company Accenture said on Wednesday. According to the "Accenture Banking Technology Vision 2017" report, more than three-quarters (78 per cent) of bankers globally and 87 per cent in India believe that AI would enable simpler user interfaces eventually helping them create a more human-like customer experience. In addition, four out of five global respondents (79 per cent) and nearly nine out of ten (87 per cent) bankers in India believe that AI would revolutionise the way banks gather information and interact with customers. "Indian banks are embracing digital solutions for interacting with customers; the next step is implementing the enabling power of AI," Piyush Singh, Managing Director and Head of Accenture Financial Services group in India, said in a statement. According to the report, three-quarters (76 per cent globally) and 83 per cent in India believed that within three years banks would deploy AI as their primary method for interacting with customers.