Artificial intelligence/machine learning (AI/ML) and cloud computing are the two new technologies that Indian banks are adopting the most, according to a Reserve Bank of India (RBI) poll.
Twelve state-owned banks and nineteen private sector institutions participated in the November 2024 survey, which evaluated the financial system’s exposure to future technologies and the dangers they pose.
The RBI claims that banks are mainly using AI/ML for know your customer (KYC) procedures, risk management, sales & marketing, and customer care. Meanwhile, by making infrastructure more accessible and facilitating economies of scale, cloud computing is assisting in lowering the cost of financial services.
With internal resources increasingly concentrated on core skills, the RBI said in the financial stability report that banks are depending on outsourcing for developing technologies, perhaps because of the cost-effectiveness and IT know-how. Significantly, at least one new technology has been entirely or partially outsourced by more than 80% of the institutions who responded.
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