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    Wednesday, September 27, 2023

      State Bank of India (SBI) Proposed to Use AI/ML Extensively in Operations | Details Inside

      SBI said it has propose to enhance the use of business analytics and AI/ML in decision-making and operations by deploying NextGen Data Warehouse and Data Lake and exploring new partnerships with fintechs and NBFCs for co-lending.

      The SBI in its annual report post on stock exchanges, said it deploys the most advance technologies like artificial intelligence (AI), machine learning (ML) and business analytics, among many others, to augment its product offerings to enhance customer delight each time without exception.

      SBI’s standalone net profit during fiscal 2022-23 rose by over 58% to Rs. 50,232 crore from Rs. 31,676 crore in FY2022.

      State Bank of India (SBI) said :

      “… the bank has registered significant improvements on the asset quality front, provision coverage ratio, RoE/RoA, NII and NIM, while also giving highest standalone profit in FY2023 by any listed corporate, domestically,”.

      SBI Chairman Dinesh Kumar Khara, in his message to shareholders, said overall 2022-23 has been a good year for the bank.

      Dinesh Kumar Khara said :

      “Despite the geopolitical headwinds, the resurgence of Covid-19 in China, the Indian economy showed remarkable resilience and the same reflects in your bank’s financials,”.

      He said SBI has had a healthy run of reporting robust financial results successively for the last three years.

      Despite the challenges, SBI’s ability to absorb unexpected losses has improved.

      “Healthy internal accruals reinforce its ability to tap capital markets, if warranted, in future,” Dinesh Kumar Khara said, adding that risk management practices have strengthen over the years and incremental improvements remain a perpetual work in progress.

      Dinesh Kumar Khara said the bank is comfortably place in terms of growth capital in the current year.

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      With declining credit costs, opportunities for lending in sunrise sectors, such as sectors identified under the PLI scheme, renewables and electric mobility, will be explore to diversify the portfolio.

      Dinesh Kumar Khara 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”.

      He also said mutually beneficial partnerships with fintechs and NBFCs under RBI’s co-lending framework will be explored.

      The SBI said it has consistently leveraging digital channels to provide an omnichannel experience to its customers across all geographies.

      YONO Global App has emerge as the prime fulcrum for providing banking services to retail customers, SBI said.

      The SBI, as per the annual report, has complete the roll-out of the new revise version of the sanctions screening solution having improve features, including AI/ML capability.

      The focus of the next generation of YONO shall be on customer-centric design, hyper-personalised experience, innovative product offerings, modernisation of tech stack, and leveraging AI/ML, cloud and data analytics for digital transformation in order for benchmarking YONO with the best of global/Indian digital banking propositions, SBI said.

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