Workshop aimed to enhance understanding of AI technologies and their impact on financial services industry and witnessed discussions on various case studies and strategies for implementing AI in banking sector

Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), chaired a workshop on the ‘State of Artificial Intelligence in Banks’ as part of its lecture series, in New Delhi. The NASSCOM made a presentation during the workshop to provide banks and financial institutions with insights into best practices for AI adoption and risk mitigation. 

The event featured several industry experts who shared their experiences and insights on the AI. Besides, DFS Secretary, attendees included senior officials from the DFS, CEOs, MDs, CTOs, and CDOs from 12 Public Sector Banks (PSBs), as well as MDs and CEOs from various financial institutions under administrative control of DFS and delegates from NASSCOM.

The workshop served as a platform for participants to learn about various case studies and strategies for implementing AI in the banking sector. By leveraging the expertise of industry leaders, the workshop aimed to enhance the understanding of AI technologies and their potential impact on the financial services industry. The industry experts discussed how AI can be used to enhance customer service, make better decisions regarding credit, detect fraud and defaults, manage risks early, and boost employee productivity and efficiency.

The workshop also addressed the emerging challenges of AI in terms of data governance, cybersecurity, transparency and compliance.

Artificial intelligence governance in banking advances focus on adoption, risk mitigation and regulatory challenges for financial institutions. A DFS-led workshop brought together senior officials from Public Sector Banks, financial institutions and industry experts to promote artificial intelligence adoption in banking through NASSCOM-led best practices and case studies, focusing on operational use-cases like customer service, credit decisioning, fraud detection and risk management, while highlighting governance priorities including data governance, cybersecurity, transparency and regulatory compliance.