The increasing integration of Artificial Intelligence and Gen AI with the financial sector has the potential to foster innovation and transform the banking sector in the coming years, SBI Chairman C S Setty said on Friday.
Setty also said the rising digital economy and its influence on the Indian banking sector can be gauged from the range of digital products that the banks offer today.
"The growing interest in Artificial Intelligence, Gen AI and its integration into financial sector has the potential to drive further advancements, fostering innovation, efficiency and resilience for benefit of the financial sector... There is a continuing need for the banks to strengthen their risk management standards, business arrangement and customer onboarding to check unscrupulous activities," Setty said at an event organised by The Institute of Chartered Accountants of India.
Further, he said with the advent of technology-based banking products and the growing use of these products by vulnerable sections of society, consumer education and protection are necessary.
"Data breaches and operational failures have also increased. Cyber attacks and cyber crimes are the weakest link to the rapidly digitalising economy in India, as well as most countries in the world. Some sectors such as health, banking and government institutions are more susceptible to attacks than others," Setty added.
