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Updated February 11th, 2024 at 09:45 IST

RBI Deputy Governor warns banks of legal and cyber risks in AI Adoption

According to IBA CEO Sunil Mehta, the future of banking is AI-driven, poised to revolutionise banking through highly personalised experiences.

Business Desk
RBI Deputy Governor warns banks of legal and cyber risks in AI Adoption
RBI Deputy Governor warns banks of legal and cyber risks in AI Adoption | Image:LinkedIn
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Risks in AI adoption: RBI Deputy Governor T Rabi Sankar while addressing a gathering of the 19th Annual Banking Technology Conference underscored the imperative for banks to navigate the legal and cyber pitfalls accompanying the rise of Artificial Intelligence (AI).

As the industry braces for the impending Digital Personal Data Protection (DPDP) Act rules, Sankar urges proactive measures to avoid potential violations.

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The focus on customer convenience takes center stage, emphasising the need for continual service improvement.

The evolving landscape also prompts a call for workforce skilling and reskilling. NaBFID Chairman K V Kamath predicts the realisation of his 20-year-old foresight: banks resembling tech companies offering financial services.

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The push for resilience and cloud-based solutions surfaces as a key response to the competitive challenges in the financial space.

According to IBA CEO Sunil Mehta, the future of banking is AI-driven, poised to revolutionise banking through highly personalised experiences. Now, more than ever, the transformation beckons, with the time to embrace AI-driven innovation being of the essence.

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(With PTI inputs.)

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Published February 11th, 2024 at 09:45 IST

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