The Ministry of Finance in Up-to-date Delhi on Thursday organized a workshop for CEOs and managing directors of 12 public sector banks and other financial institutions to provide them with insight into best practices in AI implementation and risk mitigation in the banking sector.
Vivek Joshi, Secretary, Department of Financial Services (DFS), chaired a workshop on ‘The State of Artificial Intelligence in Banks’ as part of a lecture series.
IT industry association NASSCOM conducted a presentation to apprise bankers about the latest developments in artificial intelligence in banks.
The workshop served as a platform for participants to learn about various case studies and strategies for implementing artificial intelligence in the banking sector.
Leveraging the expertise of industry leaders, the workshop aimed to better understand AI technologies and their potential impact on the financial services industry.
Industry experts discussed how AI can be used to improve customer service, make better credit decisions, detect fraud and defaults, manage risk early, and raise employee productivity and efficiency.
The workshop also discussed emerging challenges related to AI in terms of data management, cybersecurity, transparency and compliance.
The event was attended by several industry experts who shared their experiences and insights on artificial intelligence.
Apart from the DFS Secretary, the meeting was attended by senior officials from DFS, CEOs, Managing Directors, Chief Technology Officers and CDOs from public sector banks, along with Managing Directors and CEOs from various financial institutions under the administrative control of DFS and delegates from NASSCOM.
–IANS
sps/pgh
