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Reserve Bank of India (RBI) Governor Shaktikanta Das has said with the advent of artificial intelligence (AI), cybersecurity challenges can rise manifold, and called upon financial institutions to dedicate substantial efforts to protect customer information. He said regulated entities serve as repositories of data on financial transactions, customer interactions, and operational activities.

He stated within this extensive repository lies a unique opportunity to enhance customer service through robust data analysis. By harnessing the power of data analytics, he 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. He said ‘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.’ Cybersecurity challenges can expose consumers to identity theft, fraud, and unauthorised access to personal information, which can affect consumer trust. He added ‘Financial Institutions must dedicate substantial efforts to protect customer information and ensure that vulnerabilities exposing customers to risk are promptly identified and addressed.’