AI Revolution: Transforming the Banking Sector

The integration of Artificial Intelligence and Gen AI in the financial sector poses significant potential for innovation and transformation. SBI Chairman C S Setty highlights the need for enhanced risk management and consumer protection amid rising digital banking and cybersecurity threats impacting sectors like health and government.

The integration of Artificial Intelligence (AI) and Gen AI is set to revolutionize the financial sector, promising innovation and transformation, according to SBI Chairman C S Setty.

Setty highlighted that the digital economy's growth is evident in the diverse digital banking products currently available, stressing the need for banks to improve risk management and customer onboarding processes to combat fraudulent activities.

He pointed out the increasing vulnerabilities in an evolving digital landscape, with sectors such as health, banking, and government facing heightened cyber threats, emphasizing the essential role of consumer education and protection.

(With inputs from agencies.)