Technological innovations in the banking industry have changed the face of the otherwise traditional sector, for good. Today, anytime, anywhere banking has simplified life for all of us and this ease is only expected to grow furthermore with the advent of artificial intelligence in the banking and financial sector.
Apart from making banking convenient, data science and its related components like machine learning and artificial intelligence are also helping the industry with talent management. Yes, contrary to the misconception that AI is here to steal bank jobs, the technology is actually simplifying several processes for both the consumers and the banks, thereby strengthening their bond.
As per a recent survey by Accenture Research, close to 80% banks intend to use AI in the next three years with the view of automating huge operations. About 70% believe that it will help create net job gain, while 67% of employees too support the thought and expect it to assist with creating better job opportunities.
In fact, ICICI Bank began with AI-powered talent management in 2016, emerging as the first bank in India to do so. The bank had 200 software robotics looking after 1 million transactions each day. Today, over 2 million banking transactions are performed by approximately 750 software robotics across the field.
Does that mean banking jobs are also in danger? Certainly not. AI has been helping with automating operations across industries, including banking. It is not here to snatch jobs, but to facilitate the functioning of banks.
AI coupled with human analytical skills can help banks solve complicated industry problems and develop better products. What’s more, it can also help with the creation of new markets and banking channels. However, this transformation calls for concrete steps from the decision makers while allocating a long-term budget for the activity as it will be an ongoing effort. Primarily, the market leaders will have to focus on three factors: relook at the scope of work, pivot the industry talent, and finally skill and reskill the fresh and existing talent respectively.
Accenture’s survey further stated the need for banks to reskill their workforce to derive the best results from AI. Several financial and insurance institutions have been emphasizing on having a well-trained workforce to take care of crucial business functions. For example, PolicyBazaar has already announced its plan to add close to 2500 trained professionals to its workforce to look after emerging functions like product innovation and big data analysis. It’s no more about just clearing a bank exam to fill the bank vacancy, but about proving your mettle.
Train with industry experts
That’s where the need for training experts comes into pictures. While most banks are on the look-out for experienced and trained professionals, the demand and supply ratio in the industry appears to be skewed, especially as far as the emerging technologies and functions are concerned.
Manipal Global Academy of BFSI has been helping banks reduce the talent gap by training learners – both fresh graduates and experienced professionals, to take on these challenging roles and become job-ready. The Academy has partnered with the biggest names in the industry including SBI, ICICI Bank, Bank of Baroda, HDFC Bank, RBL Bank and Axis Bank to name a few, in helping them reduce their training cost and time while assisting them with having trained professionals ready to take on their jobs from the first day, first hour.