Inderpal Singh Kalra, ED-IT and Digital Banking & Emerging Payments at IDBI Bank throws light on three crucial solutions that leverage ML to manage risk.
With more than 3683 ATMs and 1892 branches across India, IDBI Bank ranks among the top banks in India. At the heart of IDBI Bank’s growth lies technology.
An analytical centre of excellence has been established for leveraging insights from data. The company has enacted a two-pronged strategy to build a data science team. Data scientists with requisite skills are being hired from outside and some of the existing employees are being trained to enhance their skills in this domain. A small team of 12 people work on various analytical models. The company will keep on expanding the data science team as the number of digital use cases increase.
Kalra has implemented an enterprise-wide data warehouse in the bank, which incorporates all the structured data. Creating a data lake is also in the pipeline.
At present, the company hasn’t ventured into the public cloud. Critical workloads are on private cloud.
“Data protection and confidentiality are the areas which we are contemplating moving to public cloud. Meanwhile, a few critical and non-critical workloads have been identified that can be taken to the public cloud,” says Kalra.
The company is also making progress in the machine-learning arena and three solutions have been deployed.
“An ML-backed enterprise fraud risk management system has been established that studies the patterns, trends and triggers an alert if any fraudulent activity is suspected. Second is AML (Anti Money Laundering) system that is also based on ML. The third is an AI-based early warning signal system. The system records all the transactions and suggests any suspicious transaction,” avers Kalra.
Kalra has also setup up a team which monitors all the transaction data within the bank.
On the mobility front, IDBI has two focus areas — customers and employees. For customers, a peer-to-peer app has been developed, which provides a variety of services. With time, more features and microservices will be added to the app.
For employees too, app-based solutions are created that include multiple facets such as CRM, health monitoring, etc. Using the app, the employees can fix appointments with the clients, record details and data.
Integration of e-commerce, merchant banking, and fintech with the mobile app has turned out to be a new revenue stream for IDBI Bank. Customers can get book tickets and also do shopping using the app.
“To improve the sales team’s performance, we have deployed a CRM solution, which focuses on sales, marketing, and services. The SAP tool deals with all the data related to sales, cross-selling, up-selling, and decision support system,” says Kalra.
The banking firm has also identified a few areas where blockchain can come in handy. Trade finance and payment systems are the two areas where IDBI is participating along with NPCI to work on blockchain.