India, A country that is rich in its culture, and developing rapidly has left no stone unturned for the adoption of Ai. The country has been well-performing in the field of AI, automation, and also the financial industry. Now talking about the financial industry India has been bringing a lot of changes in this industry like Cashless payment through mobile applications, the Introduction of electronic fund transfer mechanisms like RTGS and NEFT, The Digital India campaign.
Similarly, the country is upgrading day by day in the banking sector. Inculcating AI & automation in their systems. AI is setting up the roots in systems of financial institutions, filtering out an unnecessary task which is monotonous and take a lot of manual work, reducing operational costs, and boosting efficiency. hence tons of Indian banks are active in AI implementation. To list a top 3:-
State Bank Of India
The only name that comes to mind of any Indian citizen when we talk about the largest public sector bank is the State bank of India ( SBI), The Banker to Every Indian, established in 1955. They incorporated ILA, which is SBI Card's Interactive Live Assistant that can provide you with the latest information on their products & services and also upcoming schemes. that was about related to their card service.
They have also SIA, AI-powered smart chat assistant, it handles enquires and answers them quickly basically all the mundane task which every employee face related to inquiries or any other work. SBI or reports also stated, “this smart chat assistant is equipped to handle nearly 10,000 inquiries per second or 864 million in a day, which is almost 25% of the queries are processed by Google each day.”
Bank Of Baroda
Another public sector bank which is one of the leading banks of India is BOB. they have been improving customer service every day with the help of AI. by using high-tech gadgets like an artificial intelligence robot Baroda brainy. Or digital lab with free wifi services. They have also advanced banking services and reduced the cost of managing accounts and other mundane tasks. They too have a chatbot ADI, (Assisted Digital Interaction).
Last but not least HDFC is the first bank to have introduced India's first Artificial Intelligence (AI)-based banking chatbot "Electronic Virtual Assistant (EVA)” for customer service. The best part is that EVA can answer millions of customer queries across multiple channels instantly. Well, it works on millions of android devices, BOB has also claimed that their tool has answered over five million user queries with more than 85% accuracy.
The financial sector of future India will be more welcoming toward AI & automation than it is now. The way our country is getting things done, bringing the change with digital India. we‘re not very far from the country where ai is incorporated in each and every bank in India.