Indian Institute of Technology, Bombay (IIT-B), has received a grant of ₹22.5 Crores from the State Bank of India on the occasion of its 68th Bank Day to establish a Banking Data and Analytics Hub at the institute. With the help of data analytics and artificial intelligence (AI), this effort seeks to address the particular problems that the Indian banking and financial services industry faces.
The Banking Data and Analytics Hub will include a modern 10,000 sq. ft. lab facility where innovative research will be undertaken to solve growing banking concerns. The goal is to create new and efficient solutions for the industry. In addition to conducting research, the Hub will focus on skill development in data analytics and AI, cultivating a talent pool of banking analytics specialists.
The Dean of Alumni and Corporate Relations at IIT Bombay, Professor Ravi Gudi, expressed his enthusiasm about the Hub’s potential. He claimed that the Hub would conduct groundbreaking research, focusing on the unique issues confronting the banking sector, and will endeavour to develop smart solutions. It will also conduct competency-building and outreach operations to expand the pool of banking analytics professionals.
SBI Chairman Dinesh Khara emphasised the vast advantages of this partnership. According to him, the collaboration will improve SBI’s AI capabilities as well as the broader banking, financial services, and insurance (BFSI) industry as a whole. “The tie-up shall help enhance SBI’s AI capabilities and will lead to the generation and dissemination of new ideas through industry-academia collaboration and training of the Bank’s staff,” Khara added.
Nitin Chugh, SBI’s Deputy Managing Director and Head of Digital Banking and Transformation highlighted the importance of this association for the bank’s day-to-day operations. “The collaboration with IIT Bombay will enable our data analytics and AI practice to become an integral part of the bank’s day-to-day operations. It will propel our analytics practice to new heights, benefiting the bank and its customers,” Chugh said.
Comments
0 comment