SBI Chairman CS Setty said Friday that the growing integration of artificial intelligence and AI with the financial sector has the potential to promote innovation and transform the banking industry in the coming years.
Setty also said the rising digital economy and its impact on Indian banking can be measured in the range of digital products that banks offer today.
“The growing interest in artificial intelligence, AI and its integration into the financial sector has the potential to drive further progress, promote innovation, efficiency and resilience to benefit the financial sector…Banks continue to demand strengthen their Setty in the Institute of Chartered Accountants in India ( “Risk management standards, business arrangements and client onboarding to check for unethical activities,” said ICAI. ”
He said that with the advent of technology-based banking products and the growing number of social vulnerable parts of these products, consumer education and protection are necessary.
“Data breaches and operational failures have also increased. Cyberattacks and cybercrime are the weakest links to India and most countries in the world to rapidly digitalize economies. Some sectors such as health, banks and government agencies are more vulnerable to health impacts. . Attack than others.” Setty added.
