Banks need to increase focus on AI, data management: IDRBT

The banking sector needs to increase focus on the artificial intelligence strategy, data management, internal digitisation, talent creation and developing safe systems, the Institute for Development and Research in Banking Technology (IDRBT) said on Friday.

Established by the Reserve Bank of India (RBI) in 1996, IDRBT spearheads efforts in providing state-of-the-art technologies for the country’s banking and financial sector.

Underlining the role and potential of AI in transforming India’s BFSI sector, IDRBT released a ‘white paper’ titled “AI in Banking: A Primer” in association with Microsoft India at an event on Friday. BFSI stands for banking, financial services and insurance.