The Reserve Bank of India (RBI) shared some exciting news in their yearly related to the banks. They found that about 80% of the banks in India are now using chatbots. This is a big change and shows that Indian banks are moving ahead with technology. This shift is making the banking system even more modern and advanced.
The RBI studied data from 2015-16 to 2021-22 to see how much artificial intelligence (AI) is being used in Indian banks. To measure the banks’ awareness and readiness in adopting AI, the RBI team scrutinized the annual reports, employing an analytical approach known as textual analysis.
The RBI’s analytical journey also tapped into the vast knowledge base of widely recognized AI and Machine Learning (ML) dictionaries and glossaries. They used helpful places like Google Vertex AI, Google Developers, IBM, NHS AI Lab and the Council of Europe to understand words about AI better.
The finding reveals that 80% of Indian banks are now using AI chatbots. This is a huge step forward in how banks in India use technology. These talking robots can chat with people and make the way banks and customers talk to each other better. They help customers quickly and make things work more smoothly. This makes India one of the best in the world for banking technology, showing how smart they are. In the future, AI will be even more important for how banks do their everyday work. Indian banks want to be leaders in using new and helpful technology, making banking easier and better for everyone.