Page 33 - Banking Finance July 2024

ARTICLE

Accessible banking services lead to improved user experi- Looking Ahead: The Future of Accessible
ences. Features like voice-enabled commands, gesture-based
controls, and personalized interactions not only facilitate Banking with AI
ease of use but also foster higher engagement levels among The future of banking lies in leveraging AI to further en-
users. hance accessibility. Continuous advancements in AI technolo-
gies, coupled with a commitment to inclusive design, prom-
2. Inclusive Financial Involvement
ise a future where banking services are seamlessly acces-
Empowering accessibility in banking extends financial inclu- sible to all. The convergence of AI and banking has trans-
sion to previously marginalized or underserved communities. formed assistive technologies, making financial services
Individuals with disabilities, older adults, and diverse demo- more accessible and inclusive. By embracing AI-driven solu-
graphics gain equal access to essential financial services, tions, financial institutions are not only breaking down bar-
contributing to a more inclusive society. riers but also championing inclusivity and empowering indi-

3. Innovation and Future Growth viduals of diverse abilities to participate fully in the digital
Investing in AI-driven accessibility fosters innovation within financial landscape. As AI continues to evolve, the prospects
the banking sector. Financial institutions that prioritize for accessible banking hold tremendous promise, shaping a
inclusivity set new standards for technology-driven services, future where everyone can access and benefit from finan-
paving the way for continuous advancements in assistive cial services, regardless of their unique needs or challenges.
technologies.
Conclusion
The integration of AI technologies within the banking sec-
tor represents a significant leap forward in enhancing ac-
cessibility for individuals with disabilities. Through innovative
solutions such as voice-controlled interfaces, image recog-
nition, and personalized assistance, banks can now offer
tailored services that cater to the diverse needs of all cus-
tomers. This revolution in assistive technologies not only
ensures inclusivity but also empowers individuals with dis-
abilities to independently navigate financial systems and
achieve greater financial independence. As AI continues to
evolve, the potential for further advancements in accessi-
bility within the banking industry is vast, promising a future
where financial services are truly accessible to all.

RBI penalties up 88% in 3 yrs; KYC, AML top list
The number of penalties imposed by the Reserve Bank of India on financial institutions grew 88% in the past three
years with Know Your Customer (KYC) and Anti Money Laundering (AML) topping the list of non-compliances. The
central bank collected 78.6 crore over the three years after imposing penalties on 261 occasions in 2023 alone, ac-
cording to RBI reports compiled by Signzy, a fintech firm that manages regulatory compliance for institutions. The
KYC and AML regulations cover how companies should align their resources to uncover potential money laundering
in their institutions.
Urban and rural co-operative banks have the most KYC and AML violations, with urban co-op banks paying 13.5 crore
and rural cooperative banks paying 20.13 crore from 2021 to January this year.
Ankit Ratan, co-founder and CEO of Signzy, as saying, "Small organisations like co-operative banks and fintechs often
lack adequate risk and compliance teams. This is not solely an issue of expertise but also involves systemic problems
and limited bandwidth." The rise in penalties can also be attributed to the RBI's stricter and more comprehensive
auditing, particularly targeting fintechs and non-banking financial companies (NBFCs), the business-daily said.

30 | 2024 | JULY | BANKING FINANCE