Indian private sector lender, Axis Bank, is looking at using ChatGPT’s enterprise version to improve its customer communication services, said Sameer Shetty, the president and head of digital business and transformation. ChatGPT is an artificial intelligence (AI) model that interacts with users through conversation. Many global banks, including JPMorgan and Deutsche Bank, are planning to use similar chatbots and AI models. Shetty said that banks can use ChatGPT for conversational and personalised services. Axis Bank already uses AI, machine learning (ML), and data analytics tools for internal calculations and to give recommendations to customers on their spends and banking services.
Shetty also revealed that Axis Bank recently launched One View, a service that enables customers to link their different banking accounts and manage them on their mobile application. The company has invested approximately INR1,300 crores in its technology to build new data centres, data-loss policies, and other initiatives. Around 67% of its total service requests are from digital channels.
Most Indian banks, both in the private and public sectors, are working on their technology, using AI and ML tools to expand their digital banking services. For example, HDFC Bank has its chatbot Eva, and State Bank of India plans to enhance the use of business analytics, AI, and ML in its operations. Axis Bank is also looking to expand partnerships with more fintech companies in the future.
Frequently Asked Questions (FAQs) Related to the Above News
What is ChatGPT?
ChatGPT is an artificial intelligence (AI) model that interacts with users through conversation.
What is Axis Bank's plan regarding ChatGPT?
Axis Bank plans to use ChatGPT's enterprise version to improve its customer communication services.
How does Axis Bank currently use AI, machine learning (ML), and data analytics tools?
Axis Bank already uses AI, machine learning (ML), and data analytics tools for internal calculations and to give recommendations to customers on their spends and banking services.
What is One View?
One View is a service that enables customers to link their different banking accounts and manage them on their mobile application.
How much has Axis Bank invested in its technology?
Axis Bank has invested approximately INR1,300 crores in its technology to build new data centres, data-loss policies, and other initiatives.
What percentage of Axis Bank's total service requests are from digital channels?
Around 67% of its total service requests are from digital channels.
How are other Indian banks expanding their digital banking services?
Most Indian banks, both in the private and public sectors, are using AI and ML tools to expand their digital banking services. For example, HDFC Bank has its chatbot Eva, and State Bank of India plans to enhance the use of business analytics, AI, and ML in its operations.
Is Axis Bank planning to expand partnerships with fintech companies?
Yes, Axis Bank is also looking to expand partnerships with more fintech companies in the future.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
