The AI center will focus on dealing with financial frauds which are on increasing at an alarming pace
According to a report from the Times of India, the Bank of Baroda has submitted a proposal to the M S University in Vadodara to set up an Artificial Intelligence center in its campus.
The proposal has already been presented to the university’s syndicate on Sunday and is expected to be approved without much delay, TNN reports.
A letter from the Managing director and CEO of the Bank to the vice-chancellor of the University states that “the proposed centre is aimed to further research in AI, develop transformative applications and prepare the student-faculty body to be future-ready.”
The bank will raise the necessary funds to run the center, which will reportedly focus on helping banks and financial institutions in dealing with raising financial frauds. The RBI has recently reported that the cyber fraud at banks more than doubled in a year.
AI has been playing a key role in financial risk mitigation and fraud detection by providing real-time insights and solutions to banks and financial services companies.
According to a PwC survey, close to 50 percent of global organizations admit to experiencing economic crime in the past two years.
