Lenders get serious on AI with in-house talent, outside help
Live MintArtificial intelligence that tiptoed into banking channels with chatbots is about to make bigger strides, as India's leading banks and non-bank financiers look to embrace the technology to improve customer service, cybersecurity and asset quality. “It is also important to note that SBI’s work here does not involve Generative AI, but other aspects of classical AI development that could help in cyber security initiatives or risk mitigation," said Kolla. “While the bank has developed multiple AI use cases and selected use cases using Generative AI technology, it is eager to extend these capabilities to other areas across its operations," BoB said. Top lender HDFC Bank has been working with AI for many years, enhancing decision-making and monitoring across key areas like credit risk, marketing and customer service. Arvind Kapil, managing director and chief executive of Poonawalla Fincorp told Mint the lender is testing multiple targeted use cases, including cases for AI in risk management, compliance, business development and customer service.
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