The boosting assimilation of Artificial Intelligence and Gen AI with the monetary industry has the possible to cultivate advancement and change the financial industry in the coming years, SBI Chairman C S Setty claimed on Friday.
Setty additionally claimed the increasing electronic economic climate and its impact on the Indian financial industry can be determined from the variety of electronic items that the financial institutions supply today.
“The growing interest in Artificial Intelligence, Gen AI and its integration into financial sector has the potential to drive further advancements, fostering innovation, efficiency and resilience for benefit of the financial sector… There is a continuing need for the banks to strengthen their risk management standards, business arrangement and customer onboarding to check unscrupulous activities,” Setty claimed at an occasion arranged by The Institute of Chartered Accountants of India (ICAI).
Further, he claimed with the arrival of technology-based financial items and the expanding use these items by prone areas of culture, customer education and learning and security are required.
“Data breaches and operational failures have also increased. Cyber attacks and cyber crimes are the weakest link to the rapidly digitalising economy in India, as well as most countries in the world. Some sectors such as health, banking and government institutions are more susceptible to attacks than others,” Setty included.
