Banking on GenAI: The artificially intelligent future of finance
GenAI to improve their customer interface and get a leg up on their younger, disruptive competitors, report Beena Parmar & Annapurna Roy
A slew of banks, including the country’s largest lender, State Bank of India (SBI), as well as its private sector peers HDFC Bank, Axis Bank and IndusInd Bank, are turning to generative artificial intelligence (GenAI) to radically change the way their services are consumed, leading to ease of use and better engagement with customers.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitThe banking, financial services and insurance (BFSI) sector has been one of the fastest adopters of technology. Large banks and financial institutions are, however, being challenged by smaller players and fintechs. In such a scenario, integrating the front-end as well as the back end may help legacy institutions get a leg up on their younger, disruptive competitors, said experts.
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“GenAI is a very good tool if it can be used to assist people with knowledge, for productivity or having more meaningful, insightful conversations with customers,” said Nitin Chugh, SBI’s head of digital banking and transformation.
SBI is looking at long-term capabilities while testing use cases in the short-term, starting with assistance. As a first step, it is focusing on doing so internally
