Live
- Mulugu: People want liberation from PM Modi, says Seethakka
- Vettori wants SRH to change its approach in chasing the target
- Ganguly bats for Axar, Pant's inclusion in T20 WC squad
- Khammam: BJP, Cong are anti-BC, alleges MP Ravichandra
- Narine-Salt's record opening partnership takes KKR to 261/6
- Deepika storms into individual semis
- Google Pixel 8A Leak: Seven Years of Security Updates Revealed
- Anoushka Shankar to get honorary degree by Oxford University, calls it ‘pinch-me moment’
- Beauty addicts can now get Kylie Cosmetics in India
- BRS will bounce back, says KTR on party formation day
AI causing cybersecurity challenges at FIs: RBI Guv
Reserve Bank Governor Shaktikanta Das
Says that by harnessing the power of data analytics, regulated entities can proactively anticipate customer needs
Mumbai: Reserve Bank Governor Shaktikanta Das on Friday said that with the advent of artificial intelligence (AI), cybersecurity challenges can rise manifold, and called upon financial institutions (FIs) to dedicate substantial efforts to protect customer information.
Regulated entities serve as repositories of data on financial transactions, customer interactions, and operational activities, the governor said in his inaugural address at the Annual Conference of RBI Ombudsman here.
“Within this extensive repository lies a unique opportunity to enhance customer service through robust data analysis,” he said. By harnessing the power of data analytics, Das said regulated entities can proactively anticipate customer needs, address issues promptly, and streamline processes. A data-driven approach would not only optimise operational efficiency but also reinforce the commitment to providing exemplary customer service. He noted that with the rise in fraudulent transactions, it is critical to strengthen monitoring systems and use technology to detect potential frauds before they materialise.
“Maintaining a focus on root cause analysis of consumer grievances can result in preventing such complaints from coming up repeatedly. With the advent of AI, cybersecurity challenges can rise manifold,” he said. Cybersecurity challenges can expose consumers to identity theft, fraud, and unauthorised access to personal information, which can affect consumer trust.
“Financial Institutions must dedicate substantial efforts to protect customer information and ensure that vulnerabilities exposing customers to risk are promptly identified and addressed,” the governor said. He further said the litmus test of the working of any institution or entity is the efficacy of its grievance redressal mechanism. Fragmentation and inefficiency in grievance redressal mechanisms can hinder the timely resolution of consumer complaints, he said, adding that multiple layers and lengthy resolution processes should, therefore, be avoided.
The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS, 2021) has brought in several structural changes in the operations of the Ombudsman scheme. Under the RB-IOS scheme, 2.34 lakh grievances were received during the first full year of its operation (2022-23), followed by 2.68 lakh grievances in the current financial year (2023-24) so far.
