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decades. Many of the routine activities have already been entrusted to machines.
There have been phenomenal improvements in user interfaces, payment channels,
internal controls, and useful dashboards. They have also been using AI related systems
like robotic process automation, robot receptionists, chatbots, and machine learning
techniques. But such adoption can bring in its own questions on ethics.
Ethics of developing artificial beings that have the intelligence of humans has been on
the minds of human beings for quite some time. Some people view AI, if it progresses
relentlessly, as a threat to humanity. Some fear that AI, unlike past technological
revolutions, could risk mass unemployment. The events so far in human history have
adequate evidence to allay such fears. Humans have always been successful in tiding
over temporary difficulties.

However, while absorbing AI in banking, it is necessary to take adequate precautions
to ensure security of the systems. More so, it may be very essential to build internal
controls to identify accountability and responsibility in case of large-scale errors
creeping into various AI managed functions of banking. The entire ecosystem must
address the concerns relating to AI in banks.

Ecosystem for banking technology comprises governments, regulators, academic
institutions, major technology companies, emerging financial technology companies
(fintech), as well as banks themselves. The need for closer coordination among
academia, IT industry, and banks are the greatest in today’s world of AI adoption in
banking. The publication in your hand is a result of such a collaboration.

The teams from Banks, Microsoft, and IDRBT, who put in their best efforts to bring out
this Primer on AI, deserve all compliments. I am sure the Primer will serve as a good
reference to all banks in their AI journey.

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