Artificial Intelligence in Indian Banking Sector

 



Digital innovation is redefining industries and transforming the way corporations work. In this technology-driven world, every industry is analyzing options and implementing ways to ensure that quality services are provided to the customers. In their day-to-day activities, customers remain busy, so they expect banks to deliver seamless experience. Banks have widened their industry landscape to retail, IT and telecommunications to allow services such as mobile banking, e-banking, and real-time money transfers.

Artificial intelligence is a computer machine that can feel, comprehend, function, and understand. In other words, a machine can interpret the world around it, evaluate and understand the information it receives, take actions based on that understanding, and enhance the machine’s efficiency. The ability of computers to think on their own and perform a task without human interference is artificial intelligence. Technologies such as Machine Learning, NLP, Deep Learning, Voice Recognition, Image Processing, and others accomplish it by gathering, purifying, and analyzing vast quantities of data.

According to the Central Government of India, in 2017, India’s Ministry of Electronics and Information Technology launched Cyber Swachhta Kendra to detect malicious programs using cleaning bots. Furthermore, the Central Government of India set up a department to generate situational awareness about existing and potential cyber security threats — National Cyber Coordination Centre (NCCC).

According to Reserve Bank of India (RBI), in 2019, losses due to banking frauds rose by a whopping 73.8% despite the Government’s efforts to curb them.

Insurance is also a data-heavy market. Manually analyzing data and patterns that could assist in fraud detection or claim management is not feasible. With the aid of predictive models, deep learning techniques for image analysis can assist in the automated repair cost analysis of damaged vehicles. Therefore, the reduction in processing period will play a critical role in consumer’s experience. Fraud detection analysis can be done with the help artificial intelligence.

Housing Development Finance Corporation Limited (HDFC) bank launched ‘Eva’ AI-based Chatbot, which was developed by Senseforth AI Research based in Bengaluru in March 2017. Eva (which stands for Electronic Virtual Assistant) has handled over 2.7 million customer requests since its launch, and it has communicated with over 530,000 unique users and had 1.2 million conversations.

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