The banking and financial services also known as the BFSI sector, were among the first to use analytics and data. Undoubtedly adopting the latest technologies benefited the businesses. However, this is the era of artificial intelligence (AI) and every sector must develop abilities to adapt to AI, instead of taking it as a threat. The BFSI sector is one among them moulded according to modern times which significantly helped the sector to write its growth story. Check out more details below.
Expert Says…
BFSI has already integrated artificial intelligence (AI) to improve customer experience, says Robin Bhowmik, Chief Business Officer-BFSI, Manipal Global Education Services. “It has made streamlining various operational activities and improving customer experience. As generative AI enhances productivity and efficiency in the industry, it has also created the need for upskilling of professionals.”
Krishna Kumar, Founder and CEO of Learnbay, says the integration of emerging tech, particularly generative AI has revolutionised banking. It has automated routine tasks, enhanced customer experiences and enabled data-driven decision-making. “This shift requires banking professionals to adapt to new technologies, upskill in AI-related competencies, and embrace a culture of continuous learning to remain competitive.”
Banks are funding training initiatives to give staff members AI competencies such as natural language processing, machine learning, and data analytics. According to Kumar, these upskilling initiatives use AI technology to enhance operational effectiveness, risk management, and customer engagement.
BFSI Upskilling With AI
Gen AI, or generative artificial intelligence, is anticipated to bring significant benefits to the industry through the detection of fraud, optimization of client services, decrease in operating expenses, and enhancement of compliance performance. “Gen AI has improved global criminal funding, financial crime enforcement, and anti-money laundering procedures. Chatbots and other automated support systems that use Gen AI’s natural language processing capabilities to improve client contact. Gen AI can also speed up and improve the accuracy of data processing, according to Bhowmik.
According to him, robotic process automation, critical thinking, fast adaptability, artificial intelligence and tech-integrated learning should be given top priority in skill development programs
According to Kumar, upskilling in AI-related fields like data science, cybersecurity, and AI ethics should be a top priority for banking workers. It’s also crucial to develop soft skills like cooperation, flexibility, and critical thinking.
BFSI Possibilities With AI
“Staying ahead of the competition becomes crucial, as most entities in the BFSI sector have been integrating AI in various ways,” adds Bhowmik. “Banks now have to focus on creating and providing personalized consumer services. Tailored financial guidance and product endorsements are crucial. To rule the market, banks must embrace the ongoing digital revolution and adjust to the newest developments in the Gen AI era.
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