Podcast
Questions and Answers
Why do banks in India need to build AI systems with GDPR and similar privacy regulations in mind?
Why do banks in India need to build AI systems with GDPR and similar privacy regulations in mind?
What is the biggest challenge faced by the AI segment in the banking sector according to experts?
What is the biggest challenge faced by the AI segment in the banking sector according to experts?
What is the primary geographic region where the GDPR regulation is currently applicable?
What is the primary geographic region where the GDPR regulation is currently applicable?
What is a potential consequence of the mass adoption of AI in the banking sector?
What is a potential consequence of the mass adoption of AI in the banking sector?
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What is essential for the successful implementation of AI technologies in banking functions?
What is essential for the successful implementation of AI technologies in banking functions?
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Why do banks in India need to work with universities?
Why do banks in India need to work with universities?
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What is a challenge faced by the industry in India, not just banks?
What is a challenge faced by the industry in India, not just banks?
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What is necessary for the development of skilled data scientists?
What is necessary for the development of skilled data scientists?
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Who is the CEO of Finway Capital, a Delhi-based non-banking financial company?
Who is the CEO of Finway Capital, a Delhi-based non-banking financial company?
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What is the significance of domain experts in AI implementation?
What is the significance of domain experts in AI implementation?
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Study Notes
Banking Industry Overview
- The Indian banking system consists of 12 public sector banks, 22 private sector banks, 44 foreign banks, 43 rural regional banks, and 1,484 urban cooperative banks.
- As of 2021, the total number of ATMs in India reached 210,940.
- Foreign exchange reserves of India reached $582.42 billion as of April 16, 2021.
Artificial Intelligence in Banking
- Artificial Narrow Intelligence (ANI) performs basic tasks like chatbots and personal assistants.
- Artificial General Intelligence (AGI) involves human-level tasks like self-driving cars.
- Artificial Super Intelligence (ASI) refers to intelligence beyond human capabilities.
Types of Artificial Intelligence
- AI: building systems that can do intelligent things.
- NLP: building systems that can understand language, a subset of AI.
- ML: building systems that can learn from experience, a subset of AI.
- NN: biologically inspired network of artificial neurons.
- DL: building systems that use deep neural networks on large datasets, a subset of ML.
History of Artificial Intelligence
- The term "Artificial Intelligence" was coined in 1956.
- AI has become popular due to increased data, advanced algorithms, and improved computing power and storage.
ICICI Bank's AI Initiative
- ICICI Bank has scaled up its RPA initiative to over 750 software robotics, handling approximately 2 million transactions daily, which is 20% of the transaction volumes.
- The bank has deployed software robotics functions across various operations, including retail, wholesale, and agri banking, to improve operational efficiency.
Challenges in Implementing AI in Banking
- Unavailability of skilled engineers to drive AI adoption.
- Scarcity of trained human resources, with existing workforce not familiar with latest tools and applications.
- Mass adoption of AI may cause unemployment in the banking sector.
- Need for more data scientists and in-house training programs to develop skilled data scientists.
- Identification of right use cases for AI implementation with the help of domain experts and data scientists.
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Description
This quiz assesses knowledge on the application of Artificial Intelligence in the banking industry. It covers various aspects of AI in banking, including its benefits and challenges. Test your understanding of AI in banking with this quiz!
