The National Payments Corporation of India (NPCI) is working on some artificial intelligence-based fraud detection models as banks and financial systems are now increasingly using the technology to further their business, its Managing Director and CEO Dilip Asbe said on Tuesday.
Speaking at RAISE 2020 event, Asbe said that financial services are fairly rule-based now and the industry has started looking at AI in a fairly good manner. Many banks have launched chatbots, many have launched the fraud detection Robo advisory services, while high frequency trading has been been fairly known as to be using AI and video KYC (Know Your Customer) is another area where AI is being used, Asbe said.
Asbe said these are the areas where AI is being used in the decision-making alone or decision making support mode. "We have also been trying to work on some of the fraud detection models based on AI," the NPCI CEO said.
