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Informist, Friday, Sep 6, 2024

--Bank of Baroda ED: Using generative AI to standardise customer svcs  

--CONTEXT: Bank of Baroda ED Mudaliar at FIBAC 2024 conference 

--Bank of Baroda ED: Back-testing generative AI for fraud risk mgmt 

--Bk of Baroda ED:To adopt GenAI, it must give over 25% invest returns 

--CONTEXT: Bandhan Bank CIO Halder at FIBAC 2024 conference 
--Bandhan Bank CIO: Generative AI will help save 20-25% cost 

MUMBAI – Bank of Baroda will adopt generative artificial intelligence on a long-term basis only if it provides more than 25% return on investment, Sanjay V. Mudaliar, the bank's executive director, said at the FIBAC 2024 banking conference today.

"It's too early to come to a number... But we do see quite a bit of an improvement in the efficiency in the customer delivery as well as some internal improvement in overall housekeeping and process management system," Mudaliar said. "But in case it has to sustain and become a long-term objective of the bank or should be in the roadmap, it has to be 25% plus."

Pinaki Halder, chief investment officer of Bandhan Bank, said that in order to adopt generative AI, it needs to reduce costs by at least 20-25%.

Mudaliar said Bank of Baroda was back-testing the use of generative AI in fraud risk management, with customer services being one segment of use for the public sector lender.

In July, the state-owned bank had launched a generative AI-powered 'virtual relationship manager' to enhance its digital customer service experience by providing real-time information on the bank's products and services while also capturing the requirements of customers for specific services.  End

Reported by Sourabh Kumar and Sachi Pandey

Edited by Avishek Dutta

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