Indian banks seek artificial intelligence

In April 2016, Singapore-headquartered DBS Bank Ltd launched a banking app in India with in-built artificial intelligence (AI). In the past few months, many large banks such as ICICI Bank Ltd and HDFC Bank Ltd have also been looking at introducing AI technology in various services, including retail banking. Many of these are in the pilot or testing phases. The financial technology (fintech) space in India, too, has geared up towards AI and has seen interest from investors. For instance, Ratan Tata, chairman emeritus, Tata Sons Ltd, invested an undisclosed amount in Niki.ai, run by Techbins Solutions Pvt. Ltd, a start-up that offers chatbots to perform transactions. A chatbot is a computer programme that can conduct conversations. 

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