India Banks rely on Artificial Intelligence |
Use of artificial intelligence system or the AI as it is called nowadays, has been in trend among IT companies but now one can witness the software robots or the chat bots, even in the banking sector. Cheque authentication today is largely done not by a human teller, but by an artificial intelligence (AI) system. When someone tries to forge a signature, there are minute fissures, blots or anomalies that may not be visible to the human eye, but will become glaringly obvious to software robots. For Indian banks, AI is both about scale as for a large number of retail customers needing a common solution, and about customisation for corporate customers having specific requirements. Artificial Intelligence is being employed across divisions: 1. ATM reconciliation - Settlement of balance between two banks as customers of one bank uses the ATM of another bank; 2. Treasury - Prediction of direction of Bond market based on historical data; 3. Fraud Management - Prevent identity theft, Money laundering or Loan Fraud; 4. Regulatory Compliance - Assists bank employees in context of rules and regulations set by RBI; A. In ATM reconciliation - where balances are settled between different banks and their ATM networks when one bank customer uses another bank`s ATM. B. In treasury - to predict the possible direction of India`s bond market based on historical data. C. In fraud management - to prevent identity theft, money laundering using deposits or loan fraud.
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