FILE PHOTO: Reserve Bank of India (RBI) Governor Shaktikanta Das attends a information convention after a financial coverage overview in Mumbai, India, December 7, 2022. REUTERS/Francis Mascarenhas/File Photo
| Photo Credit: FRANCIS MASCARENHAS
Technology, mixed with behavioural analysis, can go a great distance in analysing anomalies in shopper behaviour and assist in understanding and stopping frauds, Reserve Bank of India Governor Shaktikanta Das stated whereas talking on the Annual convention of RBI Ombudsman in Mumbai.
Suspicious shopper behaviour that might be monitored embody transactions throughout odd hours, transactions in opposition to regular patterns and unauthorised beneficiary additions.
He stated nevertheless that on the flip aspect, the utilisation of such applied sciences with out acceptable safeguards could result in compromise of buyer knowledge.
“The possible issues that may arise include invasion of privacy or subtle manipulations based on consumer profiling to nudge [the customer] into certain services that may not be the right fit,” he stated.
“Appropriate safeguards need to be put in place in this regard,” he added.
Mr. Das stated Artificial Intelligence (AI) capabilities are being utilised to enrich customer support by means of personalised interplay, chatbots and digital assistants tailor-made to particular merchandise.
Its deployment in prevention of frauds, identification verification, vulnerability mitigation and knowledge safety had been, nevertheless, at nascent levels, he added.
He stated below the Integrated Ombudsman Scheme, the Ombudsman has been entrusted with the duty of upholding the belief of extraordinary residents.
“The RBI Ombudsman is expected to provide independent and impartial avenue to citizens for their unresolved grievances. They have the power to facilitate delivery of fair redress of customers’ grievances,” he stated.
“There have been significant improvements in the implementation of the integrated Ombudsman framework of the Reserve Bank after the launch of RB-IOS, 2021,” he added.
