The State Bank of India (SBI) has taken a significant stride by establishing the ‘SBI Foundation Hub for Data Science and Analytics’ in collaboration with the Indian Institute of Technology, Bombay (IIT-B), as per an official announcement.
This endeavor, backed by an SBI grant of Rs 22.50 crore, aims to tackle industry-level challenges within the Banking, Financial Services and Insurance (BFSI) sector by fostering innovation and collaboration between industry and academia.
The hub, inaugurated by Dinesh Khara, SBI Chairman, seeks to harness the power of Artificial Intelligence and Machine Learning (AI/ML) to transform banking services, ultimately reshaping India’s financial landscape, it said.
Through the application of AI and data analytics, the partnership between SBI and IIT Bombay aspires to create highly personalised banking experiences, stimulate credit growth, provide tailored insurance solutions and enhance fraud detection. Additionally, it intends to promote financial inclusion by overcoming language barriers using advanced language models for conversational search and analysis, outlined the official statement.
Dinesh Khara emphasised the pivotal role of data and AI in SBI’s strategy, highlighting their potential to bring convenience, reliability and innovation to customers. He reaffirmed the bank’s dedication to driving innovation and positive change in the BFSI sector through Corporate Social Responsibility.
“Data and AI are not just tools but integral parts of our strategy, enabling us to provide greater convenience, reliability, and innovation to our customers. Together, with IIT Bombay, we endeavor to portray a new era in banking, fostering research, training, and upskilling, while enhancing our nation’s AI capabilities in BFSI analytics,” Khara said.
Professor Subhasis Chaudhuri, Director of IIT Bombay, hailed the collaboration as a milestone in harnessing data science and AI to revolutionise the banking and financial services industry. He emphasised the partnership’s focus on innovation, cutting-edge research, and the development of a skilled community in banking analytics.
The collaboration includes a cutting-edge 10,000 square feet space for research, development and training, poised to become a hub for future financial technology. It will also offer executive education programmes in emerging BFSI technologies, promote qualitative research and enhance the nation’s AI capabilities, as per the statement.
With inputs from ANI.