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AWS Automates KYC and Fraud Detection—Makes Banks Failproof
- The Indian Economic Survey 2025 highlighted the increasing use of generative AI in India's banking sector.
- AWS is aiding banks in addressing security and scaling challenges by offering solutions for generative AI integration.
- Companies like Dhan, HDFC, Fibe, and Axis Bank have begun leveraging generative AI through AWS for various benefits.
- Dhan automated 25% of KYC processes, reducing wait times by 50% and operational costs by 30% using AWS.
- Razorpay used generative AI to reduce payment failures and launched Ray Concierge for simpler payment gateway setups.
- Generative AI finds applications in fraud detection, customer experience enhancement, document summarization, and process automation in the BFSI sector.
- AWS ensures resiliency in UPI payments through availability zone architecture and automatic scaling.
- With a focus on security, AWS employs security-by-design principles and offers systems like landing zones for secure code development.
- AWS plans to invest $8.3 billion in cloud infrastructure in the AWS Asia-Pacific (Mumbai) Region to boost cloud computing in India.
- AWS aims to train developers to drive adoption of generative AI services and contribute significantly to India's GDP and job market.
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