In a meeting, headed by Finance Minister Nirmala Sitharaman to assess the activities and performance of public sector banks (PSBs), utilization of account aggregators and generative artificial intelligence for banking operations was taken into consideration in order to correspond with the innovative technological advancements.
The finance minister further highlighted the significance of PSBs into exploring partnerships in human resource training and utilizing technology to provide a cost efficient service to customers. These resources and knowledge will ultimately provide enhancement in the PSBs’ operational capability and a better experience to their customers.
What are These Technologies?
Account Aggregators provide consented sharing of financial data within and between financial institutions once the customers have approved. This enables a consolidated overview of a person’s financial data from many accounts and organizations.
Generative Artificial Intelligence is the AI system that can be used to generate content, like text, images or applications, based on training data. Its ability to automate a number of processes and tasks, improves its efficiency and productivity.
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