In a strategic move towards technological transformation, the State Bank of India (SBI) has announced the deployment of ‘Agentic AI’ to enhance customer interactions. The development aligns with SBI’s vision of integrating advanced technology to streamline banking services.
Key Highlights:
- Agentic AI Integration:
- SBI’s agentic AI aims to function like a virtual relationship manager, capable of processing customer requests, suggesting solutions, and completing transactions independently.
- Initially, the system will be deployed for bank staff before being rolled out to customers.
- Technological Infrastructure:
- The bank is shifting to a hybrid cloud infrastructure, combining its internal Meghdoot cloud with the public Azure cloud.
- This approach balances data security with the scalability and flexibility of public cloud services.
- AI-Powered Tools in Action:
- SBI created AI applications such as a Deceased Account Settlement Queries Chatbot.
- The chatbot helps branch personnel with case-based solutions to minimize friction and enhance productivity.
- A further innovation is askSBI, a generative AI solution to help employees guide through complex business situations, and hence ease the operations.
- Economic Impact:
- As per a survey conducted by IDC on behalf of Microsoft, the BFSI industry experiences maximum return on investment in generative AI with a mean ROI of almost 5x per dollar invested.
- The implementation of agentic AI by SBI underscores the bank’s intent to drive customer experience and operational efficiency with the latest solutions.
Official Statement Of SBI:
Nitin Chugh, Deputy Managing Director of SBI, stated, “Agentic AI will revolutionise our customer service, ensuring swift, accurate, and efficient interactions. This is part of our long-term vision to make banking more responsive and intelligent.”
The adoption of agentic AI by SBI marks a significant step in the Indian banking sector’s digital transformation journey. As the nation’s largest bank, SBI’s initiatives in AI are likely to set a benchmark for other financial institutions in the country.
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