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Mumbai, October 9, 2026: The Bombay Chamber of Commerce & Industry organised Banking Conclave 4.0: The Next Decade of Banking – AI, Trust and Transformation at ITC Grand Central Hotel, Mumbai, bringing together senior banking leaders and financial services experts to deliberate on how artificial intelligence (AI), digital transformation and evolving customer expectations are reshaping the banking industry.

The conclave focused on the opportunities and responsibilities accompanying the growing adoption of AI in banking, the importance of strengthening customer experience, and the need to build a resilient financial ecosystem that balances innovation with trust, sound governance and effective risk management.

In his Welcome Address and Theme Setting, Abizer Diwanji, Co-chair, Banking & Financial Services Committee, Bombay Chamber and Founder & Strategic Advisor, NeoStrat Advisors LLP, set the context for discussions on reimagining banking for the next decade, highlighting the importance of translating technological advancements into tangible improvements in service delivery, operational efficiency and customer outcomes.

The first panel discussion, “AI-Powered Banking: Transforming Customer Experience,” moderated by Abizer Diwanji, featured Vivek Chopra, Chief Operating Officer – Retail Business, Tata Capital; Indraneel Pandit, Chief Digital Officer, Federal Bank; Sameer Shetty, Group Head – Digital Business, Transformation and Strategic Programs, Axis Bank; and Alpesh Patel, CEO, rSutra Analytics and Consulting. The discussion examined measurable improvements from AI in customer service, the appropriate balance between automated assistance and human intervention, and the need to protect vulnerable customers. The panellists also addressed transparency and accountability in AI-led interactions, safeguards against mis-selling, compliance with data protection requirements under the Digital Personal Data Protection (DPDP) Act, and risks arising from dependence on third-party AI and cloud providers. The discussion underscored that successful AI adoption must improve service quality while safeguarding customer trust, privacy and access to human support.

Delivering the Special Address on “Reimagining Banking for the Next Decade,” Rajiv Anand, Immediate Past President and Chairman, Banking & Financial Services, Bombay Chamber and Managing Director & CEO, IndusInd Bank, emphasised that the future of banking will depend on how effectively institutions combine technological capabilities with sound judgement, strong governance and a sustained commitment to customers.

Anand observed that the real measure of banking transformation lies not merely in faster applications or new digital channels, but in whether financial institutions can understand customers better, respond more effectively and enable productive economic activity. He highlighted the importance of making banking more responsive to the diverse needs of enterprises, including smaller businesses that require timely access to finance to manage working capital and pursue growth opportunities.

He noted that India’s digital public infrastructure has fundamentally changed customer expectations and created new opportunities for the banking sector. The next phase of transformation must extend the convenience of digital payments to other banking services, including lending, customer support and financial advice, while recognising that credit decisions require careful assessment and accountability.

Addressing the role of AI, Anand stressed that technology must be deployed to solve clearly defined customer and business problems, improve productivity and strengthen decision-making. He underscored the importance of responsible AI adoption, explainability, appropriate checks and balances, and meaningful human intervention in consequential decisions. He further emphasised that innovation must be supported by strong financial fundamentals, including adequate capital, liquidity, sound asset quality and disciplined risk management, alongside investment in employees and their ability to exercise judgement in an increasingly technology-enabled environment.

The second panel discussion, “Building an AI-Powered Resilient Financial Ecosystem,” moderated by Niraj Shah, Senior Executive Editor, NDTV Profit, featured Ashish Singhal, Chief Executive Officer, Indian Banks’ Digital Infrastructure Company (IBDIC); Mittal Shah, National Head & Partner – BFSI Audit, Risk & Regulatory Advisory, Kirtane & Pandit; and Sachin Seth, Regional Managing Director, India & South Asia, CRIF.

The discussion examined whether AI is strengthening the resilience of India’s financial system or primarily accelerating existing processes without adequately addressing underlying risks. The panellists explored how AI can work alongside digital public infrastructure, Account Aggregator, the Unified Lending Interface (ULI), credit bureau data and shared banking platforms to improve fraud detection, credit assessment and MSME financing. They also discussed the risks associated with shared infrastructure, model errors and third-party dependencies, emphasising the need for clear accountability, robust audit and control frameworks, continuous monitoring of credit models, and appropriate human oversight. The discussion highlighted that a resilient AI-powered financial ecosystem requires more than speed and efficiency: it must be capable of withstanding cyber threats, operational disruptions and changing credit conditions while ensuring that automated decisions remain explainable, responsible and subject to effective governance.

The conclave concluded with a Vote of Thanks by Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry.