6 days ago
Why Indian Banks Are Ahead in Artificial Intelligence
Indian banks are working hard to use artificial intelligence.
Eighteen months ago, they were described as being behind other banks.
Since then, some have made significant progress.
Some of their AI projects may now be ahead of projects at several global institutions.
Axis Bank and Boston Consulting Group partnered during this effort.
The work is not simple or automatic.
It requires a lot of difficult, sustained effort.
Amitabh Chaudhry, Pranay Mehrotra, and Shayan Ghosh discussed these developments in an episode of India for the World.
Indian banks were reportedly behind the curve on AI 18 months ago.
Some Indian banks are now building AI systems ahead of several global institutions.
The progress followed a partnership between Axis Bank and Boston Consulting Group.
The speakers emphasized that developing banking AI is difficult and not plug and play.
Amitabh Chaudhry, Pranay Mehrotra, and Shayan Ghosh discussed the progress on India for the World.
- Who
- Axis Bank, Boston Consulting Group, Amitabh Chaudhry, Pranay Mehrotra, and Shayan Ghosh.
- What
- The participants discussed how some Indian banks have advanced their artificial-intelligence efforts.
- Where
- India’s banking sector.
- When
- The discussion says the banks’ progress occurred over the 18 months following the partnership.
- Why
- The partnership and continued effort aimed to develop AI capabilities, though the work was described as difficult rather than plug and play.
Key facts
- Sector
- Indian banking
- Technology
- Artificial intelligence
- Partnership
- Axis Bank and Boston Consulting Group
- Timeframe
- 18 months
- Earlier position
- Indian banks were described as behind the curve on AI
- Current position
- Some projects are described as ahead of those at several global institutions
- Discussion format
- An episode of India for the World
Sources
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