SBI announced on Monday that it plans to increase the use of business analytics and AI/ML in its decision-making and operations through the deployment of NextGen Data Warehouse and Data Lake, as well as exploring new partnerships with fintechs and NBFCs for co-lending.
The country’s largest bank, in its annual report posted on stock exchanges on Monday, stated that it uses the most advanced technologies such as AI, ML, and business analytics to enhance its product offerings and consistently provide excellent customer experience.
SBI’s standalone net profit during fiscal 2022-23 increased by over 58 percent to Rs. 50,232 crore from Rs. 31,676 crore in the previous year.
“… the bank has registered significant improvements on the asset quality front, provision coverage ratio, RoE/RoA, NII and NIM, while also giving the highest standalone profit in FY2023 by any listed corporate, domestically,” State Bank of India (SBI) said.
In his message to shareholders, SBI Chairman Dinesh Kumar Khara stated that overall, 2022-23 was a good year for the bank, despite geopolitical headwinds and the resurgence of Covid-19 in China, reflecting remarkable resilience in the Indian economy as evidenced by the bank’s financials.
Khara added that SBI’s ability to withstand unexpected losses has improved significantly, with healthy internal accruals to tap capital markets if necessary and with strengthened risk management practices.
The bank is also comfortably placed in terms of growth capital, and it plans to explore opportunities for lending in sunrise sectors identified under the PLI scheme, renewables, and electric mobility, to diversify its portfolio.
Khara also said that the use of business analytics and AI/ML in decision-making and operations would be taken to the next level by deploying NextGen Data Warehouse and Data Lake. SBI will also explore mutually beneficial partnerships with fintechs and NBFCs under RBI’s co-lending framework.
According to the annual report, the bank has been consistently leveraging digital channels to provide customers with an omnichannel experience across all geographies. YONO Global App is its prime fulcrum for providing banking services to retail customers.
The focus of the next generation of YONO will be on customer-centric design, hyper-personalized experience, innovative product offerings, modernization of tech stack, and leveraging AI/ML, cloud, and data analytics for digital transformation, benchmarking it with the best of global/Indian digital banking propositions.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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