Page 33 - Banking Finance October 2020

ARTICLE

The AI enablers for the Banking Industry

RBI SEBI MEIT
Has set up an inter-regulatory Has constituted Committee on The expert committee set up by
working group on fintech and Financial & Regulatory the ministry informs the
digital banking. Technologies (CFRT). Governments AI initiative.

IDBRT THE AI ENABLERS FOR NASSCOM
Set up by RBI, it continuously Is setting up Centers of
conducts research on use and THE BANKING Excellence on AI and
effect of AI technology. INDUSTRY Data Science.

NITI AYOG AI TASK FORCE DIGITAL INDIA INITIATIVE
Is working on a National Data & Have members specializing in AI in Has allocated funds towards
Analytics Portal to facilitate different fields of Industry & creating a favorable AI regulatory
training & dataset sharing. Academia. environment.

(Source: AI in Banking & Finance. The Centre for Internet & Society)

Conclusion frauds for the banking industry. The best part is, it will keep
evolving and innovating with time without considerable
With machines becoming smarter and with the wide viability
manual intervention. AI is poised to enable firms across
of the Artificial Intelligence (AI) concept, firms are making
industries to leverage machine and human competencies to
their systems powerful and intelligent, globally. The idea is
to serve the customers in a better way and carve out a drive operational efficiencies.
competitive advantage. The revolutionary technology is References
being incorporated by firms across the industry as per their
o https://www.cloud4c.com
scale and size. For the banking industry, AI is more of an
opportunity to enable decision based strategy for customer o www.businessinsider.com
satisfaction, engagement and loyalty. o https://www.businessinsider.in/finance/news/the-
impact-of-artificial-intelligence-in-the-banking-
Although data confidentiality comes across as a challenge sectorhow-ai-is-being-used-in-2020/articleshow/
for AI integration in the banking system, the advent of online 72860899.cms
and mobile banking has given the industry and for AI to take o https://aspioneer.com/the-rise-of-finance-robo-
over. By automating critical and complex financial processes advisors/
AI will play a crucial role in mitigating cyber risks and online
o https://cis-india.org/internet-governance
o https://www.wipro.com/en-IN/business-process/why-
banks-need-artificial-intelligence/
o https://www.investopedia.com/articles/personal-
finance/010616/pros-cons-using-roboadvisor.asp
o Craig Dunham: The AI marketing revolution comes to
banking, https://thefinancialbrand.com/ 64497/
marketing-artificial-intelligence-banking/?edigest
o Discussion Paper: National Strategy for Artificial
Intelligence – NITI Ayog. T

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