The Finance Ministry organized a workshop for senior executives from 12 public sector banks and financial institutions to discuss AI adoption and risk mitigation in banking. Chaired by Vivek Joshi, Secretary of the Department of Financial Services (DFS), the event focused on the state of AI in banks, forming part of the DFS lecture series.
The IT industry association NASSCOM provided a presentation on AI's current status within banks, offering insights into best practices and emerging trends. Through case studies and strategies, participants explored ways to implement AI to improve customer service, enhance credit decision-making, detect fraud, and manage risks.
The workshop served as a platform to examine AI's potential impact on the financial services industry. Industry experts highlighted AI's benefits in boosting employee productivity and efficiency while discussing challenges such as data governance, cybersecurity, transparency, and compliance.
Attendees included DFS Secretary Vivek Joshi, senior DFS officials, CEOs, MDs, CTOs, and CDOs from public sector banks, and leaders from financial institutions overseen by DFS, as well as delegates from NASSCOM. The workshop aimed to provide insights and foster understanding of AI technologies' transformative role in banking and finance.