The increase integration of artificial intelligence and gen ai with the financial sector has the potential to foster innovation and transform the banking sector in the coming years, Sbi Chairman SAIDN

Setty also said the rising digital economy and its influence on the Indian banking sector can be gauged from the range of digital products that the banks offer today.

“The Growing Interest In Artificial Intelligence, Gen Ai and Its Integration Into Financial Sector Has the Potential to Drive Further Advancements, Fostering Innovation, Efficiency and Resilience For of the FOR OND FN … there is a continuing need for the banks to strengthen their Risk Management Standards, Business Arrangement and Customer Onboarding to Check Unscrupulous Activities, “Setty said at an event organized by the institute of chartered accountant of India (icai).

Further, He Said With the Advent of Technology-Based Banking Products and the Growing Use of these products by vulnerable sections of Society, Consumer Education and Protection ARE NECESSARY.

“Data Breaches and Operational Failures have also increased. Cyber ​​Attacks and Cyber ​​Crimes are the Weakest Link to the Rapidly digitalising economy in India, as cell as most countes in the working.