SBI's Innovative Leap into AI-Powered Customer Service

Mumbai: In a bold move to redefine banking services, the State Bank of India (SBI) is set to integrate agentic AI into its customer interaction framework. This cutting-edge technology promises to autonomously process customer requests, propose solutions, and execute transactions, mirroring the efficiency of a human relationship manager.

Strategic AI Deployment and Cloud Integration

Nitin Chugh, SBI's deputy managing director, highlighted at a Microsoft event the bank's GenAI-powered strategy aimed at transforming its services. Initially rolling out agentic AI for internal staff, SBI plans to eventually extend these benefits to its customers. The bank is also transitioning to a hybrid cloud infrastructure, combining its private Meghdoot cloud with Azure's public cloud, to ensure data security without sacrificing scalability.

AI-Driven Solutions Enhancing Operational Efficiency

SBI has already implemented AI solutions like the Deceased Account Settlement Queries Chatbot, streamlining inquiries related to deceased account settlements. Another innovation, the generative AI-powered askSBI chatbot, serves as a centralized resource for employees, improving operational efficiency and reducing dependency on manual documentation.

Generative AI: A Game-Changer for the BFSI Sector

An IDC survey commissioned by Microsoft reveals that the Banking, Financial Services, and Insurance (BFSI) sector stands to gain the highest ROI from generative AI, with an impressive average return of nearly 5x for every dollar invested.