Shaktikanta Das on AI and ML in Financial Services
Wednesday, 28 August 2024, 09:27
Shaktikanta Das Discusses AI and ML in Financial Services
During the recent Global FinTech Fest, RBI governor Shaktikanta Das addressed the pivotal role of artificial intelligence and machine learning in evolving the financial services landscape. He explained how these technologies enhance operational efficiency, driven by data analytics and automated processes.
Importance of AI and ML in the Sector
- AI enables predictive analytics, allowing financial institutions to anticipate market trends.
- Machine learning facilitates fraud detection and risk management with increased accuracy.
- Transforming customer experience is essential, with AI streamlining service delivery through chatbots and virtual assistants.
Conclusion: Embracing Technology for Progress
RBI governor Das urges stakeholders in the financial services industry to embrace cutting-edge technologies like AI and ML, ensuring competitiveness and relevance in a dynamic market.
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