Banks look to artificial intelligence for risk management operations

The AI tools alert department heads of banks of discrepancies in decisions by their staff which flout the RBI or other regulatory norms

With the banking sector being dented by a slew of frauds in recent months, the country’s top banks are increasingly depending on artificial intelligence (AI)-based solutions to improve their internal risk management operations.

These AI tools alert department heads of banks of discrepancies in decisions by their staff which flout the Reserve Bank of India (RBI) or other regulatory norms.

John Santosh, founder of GIEOM, a Bengaluru-based AI software provided, told Business Standard, “Conventionally, banks would have to communicate policy changes (internal or regulatory) through emails or through the banks intranet. This improves operational efficiency and is secure because any