Mumbai (Maharashtra) [India], September 21 : State Bank of India (SBI) has taken a significant step towards shaping the future of banking by establishing the 'SBI Foundation Hub for Data Science and Analytics' at the Indian Institute of Technology, Bombay (IIT-B).
In partnership with IIT Bombay, SBI Foundation will address industry-level challenges in the Banking, Financial Services, and Insurance (BFSI) sector by creating a multidisciplinary space for innovation and ideation for both industry and academia, the SBI said in a release.
According to the release, “SBI has pledged a grant of Rs 22.50 crore to establish this Banking Data and Analytics Hub”.
The Hub aims to develop a comprehensive suite of Artificial Intelligence and Machine Learning (AI/ML) technologies to enhance banking services, potentially revolutionising the financial landscape in India.
The Hub was officially inaugurated by Dinesh Khara, Chairman, SBI, in the presence of Professor Subhasis Chaudhuri, Director, IIT-Bombay, and other senior officials at an event held at the IIT Bombay campus on September 20.
By harnessing AI and data analytics, the collaboration between SBI and IIT Bombay aims to create hyper-personalised banking experiences, enhance credit growth, offer tailored insurance solutions, and improve fraud detection.
It also seeks to foster financial inclusion by breaking down language barriers using advanced language models for conversational search and analysis.
Dinesh Khara, Chairman, SBI, highlighted the importance of data and AI in SBI's strategy, emphasizing their role in providing convenience, reliability, and innovation to customers.
He expressed the bank's commitment to driving innovation and transformation in the BFSI sector and fostering positive change through Corporate Social Responsibility.
Khara said,“At SBI, Data and AI are not just tools but integral parts of our strategy, enabling us to provide greater convenience, reliability, and innovation to our customers. 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”.
“The setting up of the 'SBI Foundation Hub for Data Science and Analytics' at IIT Bombay is a testament to SBI's commitment to driving innovation and transformation in the BFSI sector and is a significant milestone in bringing positive change through Corporate Social Responsibility”, added Khara.
Professor Subhasis Chaudhuri, Director, IIT Bombay, described the collaboration as a significant milestone in harnessing the power of data science and AI to revolutionize the banking and financial services industry.
He noted the partnership's focus on driving innovation, conducting cutting-edge research, and nurturing a community of skilled professionals in banking analytics.
Chaudhuri said, “This collaboration represents a significant milestone in our commitment to harnessing the power of Data Science and AI to revolutionize the banking and financial services industry. Through this partnership, we aim to not only drive innovation and cutting-edge research but also nurture a thriving community of skilled professionals in banking analytics”.
“Together with the SBI Foundation, we embark on a journey to shape the future of the industry, leveraging the expertise of two national premier institutions”, added Chaudhuri.
The collaboration includes a state-of-the-art 10,000 square feet space for research, development, and training, expected to become a laboratory for the financial technology of the future. The Hub will also offer Executive Education Programs in emerging BFSI technologies, promote qualitative research, and enhance the nation's capabilities in AI.
This initiative is a testament to the commitment of both SBI and IIT Bombay to promote innovation and drive positive change in the BFSI sector while nurturing a skilled talent pool in data science and analytics, the release said.
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