IDRBT Chief Analytics Officers Forum
Analytics has taken significant strides in the Indian Banking and Financial Sector by creating huge business potential yet it is posing several critical challenges in terms of implementation. In order to address the common problems identified in implementing advanced banking technologies by leveraging Analytics, the Institute launched the Chief Analytics Officers (CAO) Forum on November 16, 2016. The latest meeting of the IDRBT Chief Analytics Officers (CAO) Forum was held on September 01, 2023 at the Institute.
In his opening remarks, Prof. D. Janakiram, Director, IDRBT, highlighted the challenges of present-day solutions such as ChatGPT and the biasness-related issues with present Artificial Intelligence and Machine Learning (AI/ML) models. He emphasized that banks need to look for advanced research in AI/ML fields, such as utilizing LLMs in BFSI, Federated Learning and Explainable AI.
Dr. Vineeth N Balasubramanian, Associate Professor, IIT Hyderabad, spoke on Generative AI in Banking & Finance Industry delving into what Generative AI is, how generative AI models can be created, and the issues with the current generative AI models. The Team from SBI (Analytics Department) presented on the AI and ML Models and solutions they have developed for Fraud Analytics, Business Generation & NPA Monitoring. The Team from ICICI Bank (Analytics) spoke about their solutions for unstructured data analytics including voice analytics, text analytics and video analytics for multiple use cases.
Shri Siddharth Majumdar, Chief Analytics Officer, Union Bank of India (UBI) presented the Journey of Building an Analytics Centre of Excellence at UBI. The Team from City Union Bank discussed how their bank is Leveraging AI & ML in Banking use cases.
Dr Mridula Verma, Faculty, IDRBT, presented a summary of various R&D activities being carried out in the Center for AI and ML at IDRBT, highlighting the key research problems the center is actively working on. Thereafter, in the open discussion session, common issues faced by banks were discussed, including standardization of cloud security structure for Analytics use-cases. Around 30 CAOs participated.