AI in banking must move beyond retail to farms, MSMEs: SBI Chairman Setty

The next big test for artificial intelligence in Indian banking will be whether it can help expand credit access for farmers and small businesses, rather than merely improve retail services, State Bank of India Chairman CS Setty said speaking at Ficci-IBA event.

While banks have already begun using AI to better understand customers, improve service, strengthen risk management and make credit processes more efficient, Setty said much of the early momentum has been in retail banking because of the large volumes of data and transactions in that segment.