PwC FinTech Trend Report (India) 2017 states that invest in AI systems reached $5.1 billion globally. It is expected that AI could contribute up to $15.7 trillion to the world economy in 2030. This is more than the present total output of India and China combined. Maturity in AI development is only at its beginning stage right now. But with increasing research in technology also working in the favor of AIs evolution.
Artificial Intelligence is ready to transform and provide competitive advantage in global economy. It already started to expand its existence in Indian banking sector very rapidly. Large number of foreign commercial banks initiated the use of AI for back-end and customer care services. “The applications of AI in data analytics and customer service create the opportunities for exponentially more personalized and faster user experiences, significantly better insights and automation of backend workflows,” report showed.
Let’s see the implementation of AI in top banks of India.
State Bank of India (SBI)
India’s largest public sector bank with over 420 million consumers is centering its use of AI for employee’s convenience and customer satisfaction. With its launch of “Code for Bank” for developers and students to give innovation ideas in banking, it started to involve people and making them aware of this aspect of technology.
SBI is using a system solution developed by Chapdex which is based on AI. They are also the winners of their first hackathon. A chatbot called SIA, developed by Payjo, a startup company from Silicon Valley and Bengaluru, is active on the bank’s system to provide assistant to customer enquiries.
HDFC Bank
This bank is India’s no.1 private sector bank. They also have their own chatbot called ‘Eva’ which is developed by another Bengaluru based company Senseforth AI Research. HDFC is experimenting with their robotic applications which work on in-store and other financial providences.
Robotics in retail is also getting attention for innovations. The bank is investing big amount of funds in high research for in-store robots which helps guides customer or visitors for better user experience.
ICICI Bank
This is the second largest private sector bank of India. They have deployed over 200 intelligence robotics across various operations of the company. ICICI claimed that it is the only bank in India which has the technology for automating human actions to solve a lot of time consuming banking tasks repeatedly and effectively. “At ICICI bank robotics have reduced the time of response taken by up to 60%, accuracy also increased to 100%. This is improvising bank’s functionality and productivity,” the bank explained to Emerj.
Axis Bank
‘Thought Factory’ an innovation lab launched by India’s third largest private sector bank to give pace to AI development for the ease in operations. Axis bank is executing an AI and NLP (natural language processing) technology for answering FAQs, assisting in transactions and to help customers to choose loans and other products and services. It is currently active on its official website but soon it will also start functioning on different platforms such as Android and iOS.
“The intent is to provide 24/7 assistance, instant gratification and convenience to our customers in an intuitive and native way,” said Rajiv Anand, Executive Director of Axis bank.
Assumptions can be made that banks are not only competing in the race for providing better financial and banking services to the customers, but also in AI technologies adaptation to get to the top. None of the banks have disclosed the actual figure of investment put into technology ecosystem. But the amount is definitely huge to load up this digital transformation, and the budget will increase even more in the near future. Source of Article – Search Bank IFSC Code
