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Banking And It's Adoption Of Technology A wide range of businesses are starting to rely heavily on artificial intelligence, and banking is no exception. AI has the potential to boost operating income by 20% and raise efficiency by up to 30%, according to research from US-based multinational corporation Accenture.

By Kavya Pillai

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Bank of Maharashtra

A wide range of businesses are starting to rely heavily on artificial intelligence, and banking is no exception. AI has the potential to boost operating income by 20% and raise efficiency by up to 30%, according to research from US-based multinational corporation Accenture. In order to quantify the effects of generative AI on bank employees and the financial ramifications for a bank over a three-year period, according to a study utilizing publicly available employee data conducted by Accenture.

Blockchain technology has drawn a lot of attention in today's fast-paced digital scene, but the finance sector is unquestionably the most prominent. The technology is widely recognized for its primary attributes, which include accuracy, consensus, trust, transparency, and immutability. Thus, it makes sense that banks are deliberately switching from the conventional banking system to blockchain-driven models in order to improve security, usability, productivity, and creativity.

To explore the ties of technology and banking we recently had the opportunity to speak with Asheesh Pandey, Executive Director of the Bank of Maharashtra at their press conference. Pandey commented on the bank's stance on the adoption of blockchain saying, "We are working upon the blockchain adoption. Starting with CBDC, central bank digital currency or malumi. We will also be expanding towards that."

As for the role of AI in Banking he shared, "AI is the most talked about question right now. The three important things as far as the bank of Maharashtra is concerned. We are actually adopting the AI ML, already we have a matured system in place where the analytics is playing a very good role in Bangkok, now coming to AI we have onboarded three fintechs. Another is in the area of the call center customer service and the other one is in the particular area of credit underwriting."

However there is a wide spectrum of customers to cater to which includes the rapidly growing youth but also the loyal senior customers who can not be ignored and expected to adopt change without consideration. Pandey shared, "On one hand we have the next generation who do not want to visit the branch. So certainly being a public sector bank I need to cater that and I need to get that business in my PI."

Bank of Maharashtra (BoM) reported a 44.95 per cent year-on-year (Y-o-Y) jump in its net profit to Rs 1,218 crore for the January-March quarter (Q4) of 2023-24 on the back of a steady rise in net interest income (NII) and uptick in fees and commissions. Sequentially, the public sector lender's profit rose by 17.6 per cent from Rs 1,036 crore in the quarter ended December (Q3) of financial year (FY) 2024. Nidhu Saxena, the Managing Director and Chief Executive Officer, said the bank can comfortably support business in the ongoing financial year with current capital adequacy level.

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