Finance Ministry hosts workshop on best AI practices for bank chiefs

NEW DELHI — The Finance Ministry on Thursday held a workshop for CEOs and MDs of 12 public sector banks and other financial institutions to provide them with insights into the best practices for AI adoption and risk mitigation in the banking sector.

Vivek Joshi, Secretary, Department of Financial Services (DFS), chaired the workshop on the ‘State of Artificial Intelligence in Banks’ as part of its lecture series.

The IT industry association NASSCOM made a presentation to update the bankers on the latest state of play of AI in banks.

The workshop served as a platform for participants to learn about various case studies and strategies for implementing AI in the banking sector.

By leveraging the expertise of industry leaders, the workshop aimed to enhance the understanding of AI technologies and their potential impact on the financial services industry.

The industry experts discussed how AI can be used to enhance customer service, make better decisions regarding credit, detect fraud and defaults, manage risks early, and boost employee productivity and efficiency.

The workshop also addressed the emerging challenges of AI in terms of data governance, cybersecurity, transparency and compliance.

The event featured several industry experts who shared their experiences and insights on AI.

Besides DFS Secretary, attendees included senior officials from the DFS, CEOs, MDs, CTOs, and CDOs from public sector banks, as well as MDs and CEOs from various financial institutions under administrative control of DFS and delegates from NASSCOM.