To lead the fast growing & highly competitive banking industry, State Bank of India has set up a Data Science and Analytics hub at IIT Bombay namely “ SBI Foundation hub for data Science and Analytics”. This will enable the banking staff to upskill themselves with AI based data analytics tool. And this will enhance the nation’s AI capability in BFSI analytics
State bank of India will provide grant of Rs. 22.50 Crore to Indian Institute of technology, Bombay to establish a Banking & data analytics hub at their campus. It will be done under the SBI Foundation’s thematic area of “research & Development & Innovation”. This will change the Banking sector forever & revolutionise the sector. It will address the Banking industry challenge in BFSI sector to accelerate the pace of financial transformation in India.This establishment will combine the industy experience & practical knowledge of bank with IIT Bombay’s Research capabilities and this will create a multidisciplinary space for innovation and ideation for industry & academia. It will create job opportunities too.
This Analytics Hub was launched by Dinesh khara, SBI Chairman at an event held at IIT Bombay on 20 th September, 2023.
This incorporation of Artificial intelligence & Machine Learning (AI/ML) technologies in Banking sector will revolutionise it. It will change the Financial landscape of India. Be it Forecasting Banking Intelligence, Identifying loopholes, data cleansing & Finding the root cause & implementing Corrective & Preventive actions. Everything will be done at very high pace and with full accuracy. It will help in Fraud Prevention also.
This has been accepted as a result of digitalisation of Banking sector in recent times. Such value creation was made possible during the era of rapid digitization of the banking industry, which has led to the creation of immense amounts of data and enabled innovative solutions.
Sentiment analysis of ML model will help in simplifying the banking steps according to customer needs. This will pave the way for Hyper-Personalisation of Banking facilities & will be considered as Highly Customer specific.This Hub will help in tacking & tracing the cyber fraud by creating ML based Fraud Prevention models. This will ensure more trustworthiness among elderly citizens & in Illiterate ones who are more prone to Cyber fraud. This collaboration will bring Financial inclusion in largely diversified population by creating models that will cater the ethnicity & language barrier faced by Banking sector. This will empower the citizens with do’s & don’ts of Banking sector. This will create a data science related ecosystem inside Banking Ecosystem & which will later can be integrated with different sectors too. This will bring harmonisation among financial transaction amongst different sectors.
Dinesh Khara, Chairman, SBI said on this occasion, “ AT SBI, Data & 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. The setting up of the “SBI Foundation Hub for Data Science and Analytics” at IIT Bombay is a testament to SBI’s commitment to driving innovation and transformation in the BFSI sector and is a significant milestone in bringing positive change through Corporate Social Responsibility.”
Director IIT Bombay, Prof. Subhasis Chaudhari said, “This collaboration represents a significant milestone in our commitment to harnessing the power of Data Science and AI to revolutionize the banking and financial services industry. Through this partnership, we aim to not only drive innovation and cutting-edge research but also nurture a thriving community of skilled professionals in banking analytics. Together with the SBI Foundation, we embark on a journey to shape the future of the industry, leveraging the expertise of two national premier institutions.”
This Collaboration will bring setup of a 10,000 Sq ft space of research, development and training, which will enable banking sector with all the data science and analytics feature and is expected to become a laboratory of financial technology in future. This hub will also help in capacity building and will train the individuals through running various Executive programs in technologies like AI/ML. SBI will also upskill their work force through these training modules & Executive Programs. This Hub will promote learning in the area of BFSI analytics & learning related to Qualitative research in BFSI analytics. This will write the new chapter of Growth in Financial technologies. And Indeed this will be a big Financial reform.
Written By: Ashutosh Gautam (Independent Content writer during Weekends)
References:
https://www.aninews.in/news/business/business/sbi-foundation-hub-for-data-science-and-analytics-established-at-iit-bombay20230921230454/
