AI adoption in banking: India's opportunity to transform financial services

Banks with large asset sizes and those endowed with greater resources are more inclined to invest in innovation and modern technologies like AI

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 democratise 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