Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), chaired a workshop on the ‘State of Artificial Intelligence in Banks’ as part of its lecture series, in New Delhi, today. The NASSCOM made a presentation during the workshop to provide banks and financial institutions with insights into best practices for AI adoption and risk mitigation.
The event featured several industry experts who shared their experiences and insights on the AI. Besides, DFS Secretary, attendees included senior officials from the DFS, CEOs, MDs, CTOs, and CDOs from 12 Public Sector Banks (PSBs), as well as MDs and CEOs from various financial institutions under administrative control of DFS and delegates from NASSCOM.
The workshop served as a platform for participants to learn about various case studies and strategies for implementing AI in the banking sector. By leveraging the expertise of industry leaders, the workshop aimed to enhance the understanding of AI technologies and their potential impact on the financial services industry. The industry experts discussed how AI can be used to enhance customer service, make better decisions regarding credit, detect fraud and defaults, manage risks early, and boost employee productivity and efficiency.
The workshop also addressed the emerging challenges of AI in terms of data governance, cybersecurity, transparency and compliance.
