With a little nudge from RBI, banks tap AI for bigger tasks

Financial services companies are using artificial intelligence (AI) and Gen-AI capabilities to go beyond simple contact centre automation, getting into more complex functions such as risk compliance, customer onboarding and life cycle management of borrowers, industry insiders told ET.

While automation of call centres saw the first wave of AI adoption in the highly regulated sector, more applications are getting powered by this technology now. The remit of AI applications widened after the Reserve Bank of India (RBI) listed down broad guidelines in August in the Free-AI regulatory document, detailing the adoption of AI in banks’ internal workflow.