SBI Chairman Khara says Gen-AI to shape up the way banks will be run
Speaking to CNBC-TV18's Shereen Bhan at the 10th SBI Banking & Economics Conclave, SBI Chairman Dinesh Khara underlined the need for the adoption of distributed ledger systems by the banks in the future due to repetitive jobs.
State Bank of India (SBI) Chairman Dinesh Khara hinted that in the next five years, Generative Artificial Intelligence (Gen-AI) will shape up the way banks will be run.
Speaking at the 10th SBI Banking & Economics Conclave, Chairman Khara said, “There are many repetitive jobs which are being done at the bank. So I think Generative Artificial Intelligence (Gen-AI) is going to be the next big talk and we have already started working on it. We have actually started working with analytics in a big way and now we are moving towards Gen-AI.”
He also underlined that in the near future, banks will witness data driven organization and also implementation of Gen-AI. “That will actually show up in terms of our ability to manage risk, the ability to understand risk, the ability to understand the customer's behaviour and also figure out the exceptions in no time. So part of the risks which are there in the digital, even that will get addressed in this whole process,” Khara added.
Khara suggested that Gen-AI will also help in addressing the customers’ needs. Additionally, he emphasised that, due to the many repetitive jobs in banks, going forward, there will be a massive adoption of distributed ledger systems.
Digital transformation has also been at the fore of the banking sector and SBI has invested in upscaling its digital capabilities as digital transformation has been at the fore of the banking sector as well, according to the SBI Chairman.
Khara also pointed out the need for entities, whether banking or non-banking, to protect against cyber risks with the growing significance of cybersecurity in the interconnected world.
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