Page 34 - Banking Finance November 2019

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regulation is currently applicable to European citizens, but For update news on Banking & Finance Industry
India and other countries have their own data privacy
regulations. Banks in India will have to build AI systems with BANKING FINANCE
GDPR and similar privacy regulations in mind. A Leading Monthly Journal on Banking & Finance
Covers Schemes
Experts also have also stressed the need for more skilled
RBI Banking 1 Year 990
engineers to drive the segment.
Finance Rural/Co-op 3 Year 2460
Stock Market Risk Management 5 Year 3825
The biggest challenge is the scarcity of trained human
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tools and applications. Secondly, the AI technology is a big
threat to redundant employees in the banking sector. The ORDER FORM
mass adoption of AI may cause a grave unemployment
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One of the important challenges that is faced by Industry
and not just banks in India is unavailability of people with Designation:
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scientists available to do AI work, the industry needs to work Address :
with universities in India to develop skilled data scientists as Pincode :
well as develop in-house training programs to train
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employees on data science skills. Also identification of right
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use cases for AI implementation with the help of domain
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AI can provide quick and personalized services by dealing Details of payment : Cash/M.O./D.D./Cheque* No
with each customer and focusing on their specific
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The use of Robotics which is part of AI , in the Indian Banking Outstation cheques of metro cities accepted only. No Charges ap-
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ground in the coming years. Robotics is expected to Do not make any Cash Payment
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34 | 2019 | NOVEMBER | BANKING FINANCE