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SBI Foundation and IIT Bombay launch data science hub to revolutionize Indian banking sector

EditorHari Govind
Published 2023-09-21, 11:12 a/m
© Reuters.

State Bank of India (SBI) and the Indian Institute of Technology, Bombay (IIT-B), have launched a collaborative initiative aimed at addressing challenges within the Indian Banking, Financial Services and Insurance (BFSI) sector. The "SBI Foundation Hub for Data Science and Analytics" was officially inaugurated on Wednesday by Dinesh Khara, Chairman of SBI, and Prof. Subhasis Chaudhuri, Director of IIT-Bombay.

The Hub is a unique collaboration between SBI and IIT Bombay that aims to combine the industry knowledge of the bank with the research capabilities of the institute. This partnership will create a multidisciplinary space for innovation and ideation for both industry and academia. SBI has pledged a grant of INR 22.50 crore to establish this hub under its thematic area of “Research & Development and Innovation”.

The initiative aims to develop a comprehensive suite of Artificial Intelligence and Machine Learning (AI/ML) technologies to enhance banking services in India. By leveraging AI/ML technologies, the hub aims to revolutionize key processes across all functions of banking, including underwriting, risk monitoring, customer analytics, and fraud prevention.

The collaboration also seeks to equip businesses with valuable insights into customer preferences by utilizing sentiment analysis, which could pave the way for hyper-personalized banking experiences accessible to every citizen. The hub also aims to drive sustainable credit growth and offer tailored insurance solutions, particularly benefiting vulnerable communities like small farmers.

"At SBI, Data and AI are not just tools but integral parts of our strategy," said Dinesh Khara. "Together with IIT Bombay, we endeavor to portray a new era in banking, fostering research, training, and upskilling while enhancing our nation's AI capabilities in BFSI analytics."

Prof. Subhasis Chaudhuri echoed similar sentiments, saying the collaboration represents a significant milestone in harnessing the power of Data Science and AI to revolutionize the banking and financial services industry.

The partnership includes a state-of-the-art 10,000 Sq. Ft. space for research, development, and training. The hub is expected to become a laboratory for future financial technology. It will also help in capacity building and training of individuals through curated Executive Education Programs in emerging technologies in the BFSI sector.

In addition to fostering innovation, this initiative will also contribute to SBI's corporate social responsibility efforts by driving positive change in the BFSI sector and improving the nation's posture in the field of AI.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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