DFS Workshop Explores AI Integration in Banking Chaired by Dr. Vivek Joshi

Furthermore, the session delved into some of the emerging challenges associated with AI, including issues related to data governance, cybersecurity, transparency, and compliance.

Dr. Vivek Joshi, Secretary of the Department of Financial Services (DFS), presided over a pivotal workshop titled ‘State of Artificial Intelligence in Banks’ today in New Delhi. This event is part of an ongoing lecture series aimed at exploring the integration of AI technologies within the banking sector. The workshop, featuring a presentation by NASSCOM, provided valuable insights into best practices for AI adoption and risk mitigation in banks and financial institutions.

The gathering included a diverse group of participants, such as senior officials from DFS, CEOs, MDs, CTOs, and CDOs from 12 Public Sector Banks (PSBs), along with MDs and CEOs from various financial institutions under the administrative control of DFS. Additionally, delegates from NASSCOM were present to contribute their expertise.

During the workshop, industry experts shared case studies and strategies for deploying AI in banking operations. Discussions focused on the numerous benefits of AI, such as enhancing customer service, improving credit decision-making, detecting fraud and defaults, managing risks proactively, and increasing employee productivity and efficiency.

Furthermore, the session delved into some of the emerging challenges associated with AI, including issues related to data governance, cybersecurity, transparency, and compliance. This event served as a crucial platform for banking and financial leaders to deepen their understanding of AI applications and address the complexities of technology integration in financial services.