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SBI to extensively use business analytics, AI/ML
June 07, 2023
State Bank of India on Monday said it has proposed to enhance the use of business analytics and artificial intelligence/machine learning (AI/ML) in decision making and operations by deploying NextGen Data Warehouse and Data Lake and exploring new partnerships with fintechs and NBFCs for co-lending.
In its annual report posted on the stock exchanges on Monday, SBI said it deploys the most advanced technologies like artificial intelligence (AI), machine learning (ML) and business analytics, among others, to augment its product offerings to enhance customer satisfaction.
The bank’s standalone net profit during fiscal 2022-23 rose by over 58% to ₹50,232 crore from ₹31,676 crore in FY2022.
“The bank has registered significant improvements on the asset quality front, provision coverage ratio, RoE/RoA, NII and NIM, while also giving highest standalone profit in FY2023 by any listed corporate, domestically,” State Bank of India (SBI) said.
Chairman Dinesh Kumar Khara, in his message to shareholders, said overall 2022-23 has been a good year for the bank. “Despite the geopolitical headwinds and the resurgence of Covid-19 in China, the Indian economy showed remarkable resilience and the same reflects in your bank’s financials.” Khara said SBI has had a healthy run of reporting robust financial results successively for the last three years.
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