The Reserve Bank of India (RBI) has reported that generative artificial intelligence (AI) could enhance banking operations in the country by up to 46 per cent. The technology can help financial institutions analyse customer behaviour, increase operational efficiency, and deliver personalised services on a large scale. This is reported by ANI, a partner of TV BRICS.
The report states that AI is being adopted in the financial sector to improve customer experience, employee productivity, revenue, cost management, compliance, and product innovation.
AI-based alternative credit scoring models are expanding access to credit for individuals who lack a traditional credit history, using non-traditional data such as utility bill payments, mobile usage, GST filings, and e-commerce transactions.
The report also highlights the role of AI chatbots in providing round-the-clock responses to routine customer queries, reducing wait times, and allowing staff to focus on more complex issues.
Globally, AI adoption in financial services is rising. In India, the generative AI segment alone is projected to exceed about US$12 billion by 2033, with an annual growth rate of 28–34 per cent. The RBI concludes that effective use of AI can make banking in India more efficient, inclusive, and growth-oriented.
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source https://tvbrics.com
