The finance ministry has asked state-controlled banks to consider using emerging technologies such as account aggregators and generative artificial intelligence (AI) to improve their operational efficiency and customer experience.
Leverage technology
In a meeting chaired by Union Finance Minister Nirmala Sitharaman to review the performance of public sector banks (PSBs), banks were told to use technology to provide enhanced services and to cut costs.
“Process automation happens across every digital back office, automation of branch facing roles etc,” a senior finance ministry official said.
Collaboration among lenders
They also said that PSBs are spending money separately for technology upgrades in artificial intelligence and machine learning, which is adding to costs.
Thereby…
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