Indian banks enhance AI capabilities with in-house talent and partnerships

Indian banks are increasingly focusing on artificial intelligence (AI) to enhance their operations. State Bank of India (SBI) and Bank of Baroda (BoB) are developing in-house AI capabilities and seeking external expertise to secure patents for their innovations. HDFC Bank has been using AI for credit risk assessment and customer service, while Axis Bank partnered with SWIFT to combat payment fraud. Poonawalla Fincorp is also integrating AI into its human resources functions, aiming to improve productivity and reduce errors. This shift marks a move away from relying solely on tech firms for AI solutions. Banks are now prioritizing the development of proprietary AI models to protect sensitive data and intellectual property.