RBL Bank has selected Amazon Web Services (AWS), an Amazon.com company, as its cloud provider.
AWS would help RBL Bank strengthen its AI-powered banking solutions and drive digital transformation at the lender.
“The bank is building on its analytics practice and investing in AI capabilities to implement various use cases across multiple segments, including risk, customer service, human resources, and operations,” RBL Bank said in a statement on Monday.
It will leverage Amazon Textract, a machine learning service that automatically extracts text, handwriting, and data from scanned documents, across the bank’s risk and operations divisions to analyse documents such as financial statements, stock statements, and stock audit reports to predict default risk.
“Using ML allows analysts at RBL Bank to extract data and automate the handling of 2,500 documents per quarter,” the bank said.
Other use cases already being tested within the operations division include using services like Amazon Rekognition and Amazon Textract to automatically extract and match customer signatures and running fuzzy match algorithms to replace manual name match for various processes, it further said.