The Indian Institute of Technology (IIT), Roorkee will be introducing a unique course ‘Artificial Intelligence in banking programme’ which is the first-ever course of its type. The 4-month program is designed for professionals and graduates who want to learn how to implement Artificial Intelligence (AI) in the banking sector and the financial industry. 

The programme will have business leaders conduct industry immersion classes to help learners achieve a deep understanding of AI’s role in the banking sector and its future. Upon the completion of the course, IIT-Roorkee will offer a joint certificate with WileyNXT, a learning solution platform.

“Artificial Intelligence has the potential to transform banking and improve compliance. The current COVID-19 crisis, coupled with growing security and privacy concerns, has reinforced the need for leveraging new-age skills to tackle the emerging challenges. The program will open new avenues for the participants in the banking sector,” Prof Ajit K Chaturvedi, Director, IIT-Roorkee was quoted as saying in an official statement.

Currently, the Indian financial service providers already employ AI in 32 per cent of their operations - from predictive analytics to voice recognition, etc. This was revealed in research conducted by the National Business Research Institute and Narrative Science.

In the present scenario, there has been an emphasis to shift to a more contactless processes in the banking system. Attempts are already being made to introduce digital payment at all commercial establishments while contactless authentication and payments, virtual customer servicing, and immersive banking experience are being considered. 

Here is where AI technology will play an important role, apart from being a cornerstone for security systems. “This is an opportunity for professionals and graduates who want to equip themselves with trending skills and have a competitive edge over their peers,” said the official statement by IIT-Roorkee.