Finance Ministry Hosts Workshop on AI Best Practices for Bank Chiefs
The Finance Ministry held a workshop for CEOs and MDs from 12 public sector banks and financial institutions to explore AI adoption and risk mitigation in the banking sector. Chaired by Vivek Joshi, Secretary of the Department of Financial Services (DFS), the workshop, titled 'State of Artificial Intelligence in Banks', was part of a lecture series.
The event aimed to provide participants with insights into the latest AI trends and strategies within the banking industry. NASSCOM, the IT industry association, presented updates on AI's state of play in banks, while industry experts shared case studies and strategies for AI implementation.
The workshop covered topics such as enhancing customer service, improving credit decisions, detecting fraud and defaults, managing risks early, and boosting employee productivity. Challenges related to data governance, cybersecurity, transparency, and compliance in AI adoption were also addressed.
Participants, including senior DFS officials, CEOs, MDs, CTOs, and CDOs from public sector banks, as well as executives from other financial institutions under DFS's control, gained valuable insights from industry leaders.
This platform offered attendees the opportunity to understand AI's potential impact on the financial services industry and how to leverage the technology for improved efficiency and risk management. By focusing on emerging challenges and the transformative power of AI, the workshop aimed to support the advancement of AI technologies in the banking sector.
