The State Bank of India (SBI), through its CSR arm SBI Foundation, has offered a Rs 22.5 crore donation to the Indian Institute of Technology, Bombay (IIT-B) to construct a Banking Data and Analytics Hub. The Hub’s primary goal will be to solve the unique issues that the Indian banking and financial services sector faces. The alliance aims to capitalize on SBI’s considerable banking experience and IIT Bombay’s research skills.
The Hub, which was announced on the occasion of the 68th “Bank Day,” comprises a 10,000-square-foot lab area and will fund research and skill development in data analytics and AI (Artificial Intelligence).
“The tie-up shall help enhance SBI’s AI capabilities and will lead to the generation and dissemination of new ideas through industry-academia collaboration and training of the Bank’s staff,” said Shri Dinesh Khara, Chairman of SBI. The collaboration would benefit the whole BFSI sector and aid in the adoption of innovative technologies such as ChatGPT.”
“The collaboration will help the Bank’s data analytics and AI practice become part of the mainstream, day-to-day operations,” said Shri Nitin Chugh, Deputy Managing Director and Head of Digital Banking and Transformation. He highlighted that the collaboration would help to advance the bank’s analytics practice.”
Professor Shri Ravi Gudi, Dean of Alumni and Corporate Relations at IIT Bombay, indicated that the Hub will conduct cutting-edge research on growing financial difficulties and strive toward providing beautiful banking solutions. He also stated that the Hub will engage in competency building and outreach initiatives to expand the skill pool of banking analytics specialists.
The grant emphasizes the relevance of data analytics and artificial intelligence in banking. It follows on the wake of the bank’s revelation on the 18th of May, 2023, during an Analyst Meet, that it had garnered business worth one lakh crore rupees through its Analytics unit in the Financial Year 2023 alone.