FinMin To PSU Banks: Build AI Capabilities For Efficiency
In order to increase their operational effectiveness and customer experience, the finance ministry has reportedly encouraged state-controlled banks to pool resources and investigate the use of cutting-edge technology like account aggregators and generative artificial intelligence (AI).
In a meeting earlier this week to review the performance of public sector banks (PSBs), which was presided over by Union Finance Minister Nirmala Sitharaman, banks were instructed to investigate partnerships in human resource training and use technology to provide services to customers in order to reduce costs, according to a report published on July 8 by the Business Standard.
“Process automation happens across every digital back office, automation of branch facing roles etc,” a senior finance ministry official told the business daily.
PSBs are now spending money separately for technology upgrade in artificial intelligence and machine learning, which is increasing the cost.
(With inputs from Shikha Singh)
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