State Bank of India (SBI) has partnered with the Indian Institute of Technology, Bombay (IIT-B) to strengthen its data analytics and AI capabilities. Through its CSR arm, SBI Foundation, the bank has pledged a grant of ₹22.5 Crore to establish a Banking Data and Analytics Hub at IIT-B. The hub will focus on addressing the unique challenges faced by the Indian banking and financial services sector, leveraging SBI’s experience in banking and IIT Bombay’s research expertise.
The Banking Data and Analytics Hub will include a 10,000 Sq. Ft. lab space and will fund research and skill development in data analytics and AI. The collaboration aims to enhance SBI’s AI capabilities and promote industry-academia collaboration, training the bank’s staff and benefitting the entire banking and financial services sector. The partnership also aims to drive the adoption of emerging technologies like ChatGPT.
Nitin Chugh, Deputy Managing Director and Head of Digital Banking and Transformation at SBI, expressed his excitement about the collaboration, stating that it would help the bank’s data analytics and AI practices become an integral part of its day-to-day operations. He emphasized that the collaboration would take the bank’s analytics practice to the next level.
Professor Ravi Gudi, the Dean of Alumni and Corporate Relations at IIT Bombay, highlighted that the hub would engage in cutting-edge research focused on emerging problems in the banking sector, working towards developing innovative solutions. It would also play a vital role in competency building and outreach activities to enhance the talent pool of professionals specializing in banking analytics.
This grant underscores the significance of data analytics and AI in the banking industry. It follows SBI’s recent announcement that it had achieved business worth one lakh crore rupees through its analytics function in the Financial Year 2023 alone.
The collaboration between SBI and IIT-B will undoubtedly bring numerous benefits to the banking and financial services sector in India. By combining SBI’s extensive banking experience with IIT Bombay’s research capabilities, the partnership aims to drive innovation and tackle the unique challenges faced by the industry. With the establishment of the Banking Data and Analytics Hub, SBI is taking a significant step towards strengthening its data-driven decision-making and enhancing its AI capabilities. This collaboration is set to accelerate the adoption of emerging technologies in the BFSI sector and contribute to its overall growth and development.
