India-based RBL Bank taps AWS for fast tracking AI efforts

RBL Bank, an Indian private sector bank, said that it has selected Amazon Web Services (AWS) as its preferred cloud provider to fast track its artificial intelligence (AI) efforts.

Through the cloud services of AWS, the bank expects to bolster its AI‐powered banking solutions and bring in digital transformation.

RBL Bank, which was formerly called Ratnakar Bank, said that it is consolidating on its analytics practice and investing in AI capabilities for implementing various use cases in multiple segments such as risk, human resources, customer service, and operations.

According to the Indian banking group, its AI Center of Excellence has worked with AWS for creating a templatized framework for rolling out use cases using Amazon SageMaker to easily and quickly build, train, and deploy machine learning (ML) models as part of its broader AI roadmap.

India-based RBL Bank taps AWS for fast tracking AI efforts. Photo courtesy of Albert_Deccan/Wikipedia.org.

Vaishali Kasture — Head of Enterprise, AISPL, AWS India and South Asia said: “RBL Bank is driving digital innovation with AWS, and we are delighted to help speed this transformation.

“By accelerating its Operations, HR, and Risk functions transformation using pre‐trained AWS ML models, and driving insights from unstructured data, the Bank is benefiting from the broadest suite of AWS machine learning services to improve customer service, operate more efficiently, and quickly understand its customers’ needs across diverse touch points.”

RBL Bank will tap AWS’ machine learning service called Amazon Textract that extracts text, handwriting, and data automatically from scanned documents across its risk and operations units for analyzing financial statements, stock audit reports, stock statements, and other documents for predicting default risk.

The bank said that by using ML, its analysts can extract data and automate the handling of 2,500 documents per quarter.

RBL Bank also revealed testing services such as Amazon Textract and Amazon Rekognition for automatic extraction and matching customer signatures and running fuzzy match algorithms for replacing manual name match for multiple processes.

Sankarson Banerjee — Chief Information Officer of RBL Bank said: “Our internal AI roadmap is based on building use cases that drive value for customers and our business.

“Our work with AWS accelerates this journey and enhances our customer engagement. Leveraging the breadth and depth of AWS services allows us to take a major step forward in our AI journey and prepare for the future.”