In an endeavor to champion a new era in banking, fostering research, training, and upskilling, while enhancing the nation’s AI capabilities in BFSI analytics, SBI Foundation and IIT Bombay are coming together to address the unique challenges faced by the Indian BFSI sector, by establishing the “SBI Foundation Hub for Data Science and Analytics” at IIT Bombay.
State Bank of India (SBI) has pledged a grant of Rs. 22.50 Crore to establish a Banking Data and Analytics Hub at the Indian Institute of Technology, Bombay (IIT-B), under SBI Foundation’s thematic area of “Research & Development and Innovation”, and is intended to address industry-level challenges in the BFSI sector to accelerate the pace of financial transformation in India. This Data Science and Analytics Hub is a unique collaboration between SBI and IIT Bombay, that will combine the industry and practical knowledge of the Bank with IIT Bombay’s excellent research capabilities, thereby creating a multidisciplinary space for innovation and ideation for industry and academia.
The Hub was officially launched by Dinesh Khara, Chairman, SBI, in the presence of Prof. Subhasis Chaudhuri, Director, IIT-Bombay, and other senior officials at an event held at the IIT Bombay campus on 20th September, 2023.
Developing a comprehensive suite of Artificial Intelligence and Machine Learning (AI/ML) technologies for enhancing banking services, holds the potential to revolutionize the financial landscape in India. Artificial Intelligence has already been proven as a key transformer in the BFSI sector, with AI based underwriting, risk monitoring, customer analytics and fraud prevention tools enabling key processes across all functions of Banking. Such value creation was made possible during the era of rapid digitization of the banking industry, which has led to the creation of immense amounts of data and enabled innovative solutions.
By utilizing sentiment analysis, this collaboration aims to equip businesses with valuable insights into customer preferences, paving the way for hyper-personalized banking experiences accessible to every citizen. The Hub also aims to drive sustainable credit growth and offer tailored insurance solutions, particularly benefiting vulnerable communities like small farmers. Additionally, cloud-based fraud detection models will ensure citizen protection without compromising privacy, especially for those less literate and susceptible to cyber threats. This collaboration also aims to foster financial inclusion by leveraging advanced language models for conversational search and analysis and breaking down language barriers. This multifaceted approach has the power to transform the banking ecosystem and empower citizens across the nation.
Speaking on the occasion, Dinesh Khara, Chairman, SBI, shared, “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.”
Prof. Subhasis Chaudhuri, Director, IIT Bombay, shared, “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.”
This collaboration includes a state-of-the-art 10,000 Sq. Ft. space for research, development and training, which is expected to become a laboratory for the financial technology of the future. The hub will also help in the capacity building and training of individuals through curated Executive Education Programs in emerging technologies in the BFSI sector. Further, SBI would also cultivate an AI/ML talent pool by partnering with IIT Bombay to upskill its staff in new-age skills which are vital for the Bank as it builds and deploys next-gen technology at scale. The Hub will also promote qualitative research and learning in the area of BFSI analytics, thereby improving the nation’s posture in the field of AI.