{
  "id": 573093,
  "title": "AI can transform banking, but governance is a hurdle",
  "url": "https://urgent.news/2026/08/11/ai-can-transform-banking-but-governance-is-a-hurdle",
  "topic": "ai",
  "section": "AI",
  "published": "2026-08-11T13:12:31.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/industry/banking/finance/banking/revolutionizing-banking-how-ai-is-transforming-customer-service-and-operations/articleshow/133155015.cms"
  },
  "original_language": "en",
  "account": "Mumbai: The integration of artificial intelligence (AI) into banking systems is a burgeoning field, yet challenges in governance, data quality, and employee upskilling persist, according to top bank CEOs at the recent FIBAC conference.\n\nWhile banks are increasingly exploring beyond traditional AI applications, such as fraud detection and risk management, to more sophisticated forms like generative AI and agentic AI, executives expressed optimism regarding the long-term benefits. Ashok Chandra, MD and CEO of Punjab National Bank, highlighted the potential of AI agents for improving customer service and internal operations, emphasizing convenience and security as key factors.\n\nHowever, the path to widespread AI adoption is not without obstacles. PD Singh, CEO of Standard Chartered Bank, pointed out the slow pace of technology implementation as a significant hurdle. Yet, he noted that AI can expedite this process, citing a 30% improvement in the speed of tech project implementation at his bank.\n\nData and privacy governance have emerged as critical challenges in the AI deployment journey for banks. Reliable data access and the ability to leverage it across various banking functions are deemed essential for maximizing AI's potential. Debadatta Chand, CEO of Bank of Baroda, stressed the need for a robust board-level AI governance framework, with monitoring committees overseeing implementation at different levels. He stressed that AI must remain under human control to prevent unforeseen behaviors.\n\nDespite these challenges, executives are confident that AI can significantly enhance customer experience, accelerate technology implementation, and make banking more accessible. However, they stress the importance of balancing these advancements with employee readiness, data governance, and human oversight.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}