SBI to use AI/ML to improve customer experience and operations

State Bank of India (SBI) plans to use artificial intelligence (AI), machine learning (ML), and business analytics to improve its decision-making and operations. The bank will deploy a NextGen Data Warehouse and Data Lake and explore new partnerships with fintechs and NBFCs for co-lending.  

SBI has revealed in its latest annual report, released on Monday, that it is utilising cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and business analytics to strengthen its product offerings and improve customer satisfaction.  

The bank's net profit increased by 58% in fiscal year 2022-23, from ₹31,676 crore to ₹50,232 crore. This was due to a number of factors, including strong loan growth, lower provisions for bad loans, and higher fee income.  

SBI Chairman Dinesh Kumar Khara, in his message to shareholders, said overall 2022-23 has been a good year for the bank. He said, “Overall FY2023 has been a good year for the Bank. Despite the geopolitical headwinds, resurgence of Covid-19 in China, the Indian economy showed remarkable resilience and the same reflects in your Banks financials.”   

He further said, “The use of business analytics and AI/ ML in decision-making and operations will be taken to the next logical level by deploying NextGen Data Warehouse and Data Lake. Mutually beneficial partnerships with fintechs and NBFCs under RBI’s co-lending framework will be explored.”  

The bank has announced its commitment to utilising digital channels to offer a seamless omnichannel experience to its customers worldwide. According to the bank, the YONO Global App has become the primary hub for delivering banking services to individual customers.   

In its annual report, SBI revealed that it has successfully implemented an updated version of its sanctions screening solution, which includes enhanced features such as artificial intelligence and machine learning capabilities.   

The next version of YONO will prioritise customer-centric design, hyper-personalised experiences, innovative product offerings, modernisation of technology, and the utilisation of AI/ML, cloud computing, and data analytics for digital transformation. The goal is to position YONO as a leading contender among the top digital banking options available globally and in India, it said.