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Banking on AI
Business Standard
|November 01, 2024
Adoption can improve business practices
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During his recent visit to India, Nvidia Chief Executive Officer Jensen Huang underscored the country's ability to leapfrog into the era of innovation by adopting the latest in artificial intelligence (AI).
AI has the power to democratize technology and empower individuals, thereby extending economy-wide benefits.
One of the areas where AI can potentially improve outcomes is banking and finance.
In this regard, a new paper, published in the latest Monthly Bulletin of the Reserve Bank of India, using a text-mining approach, attempted to explore the extent of AI adoption in Indian banking.
By making AI accessible to everyone, India can unlock opportunities in the banking sector.
The findings reveal that the extent of adoption by a bank is influenced by its ownership structure, size, and measure of financial health.
Accordingly, banks with large asset sizes and capital-to-risk weighted asset ratios have a higher AI adoption score.
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