BFSI has already integrated artificial intelligence (AI) to improve customer experience, says Robin Bhowmik, chief business officer of BFSI’s Manipal Academy. “This has helped streamline various operational activities and improve customer experience. While generative AI improves productivity and efficiency in the industry, it has also created a need for professional upskilling.
Krishna Kumar, founder and CEO of Learnbay, says the integration of emerging technologies, especially generative AI, has revolutionized the banking industry. It helps automate routine tasks, improve customer experience, and enable data-driven decision making. “This shift requires banking professionals to adapt to new technologies, hone their AI skills, and adopt a culture of continuous learning to stay competitive. »
Banks are investing in training programs to equip their employees with AI skills such as machine learning, data analytics and natural language processing. These upskilling efforts leverage AI technologies to improve operational efficiency, risk management and customer engagement, says Kumar.
Areas of skill development
Generative AI (Gen AI) is expected to add a lot of value to the industry by detecting fraud, improving customer service efficiency, reducing operational costs and improving compliance performance. “Generation AI has strengthened anti-money laundering, anti-financial criminal and crime financing processes globally. Using the natural language processing capabilities of the AI generation, automated support systems such as chatbots can help perfect customer interaction. Data analysis can also become faster and more accurate with AI generation,” says Bhowmik.
Key skills learning programs should prioritize integrated learning of artificial intelligence and technology; robotic process automation; critical thinking and the ability to adapt quickly, he says.
Kumar says banking professionals should prioritize upskilling in AI-related areas, such as data science, cybersecurity, and AI ethics. Developing soft skills such as adaptability, critical thinking and collaboration is also essential.
Future-ready through AI skills development
“As a majority of entities in the BFSI sector have integrated AI in various aspects, it becomes crucial to find a way to stay ahead of the competition,” says Bhowmik. “Banks must now focus on writing and providing personalized customer services. Personalized financial advice and product recommendations are very important. Banks must participate in the ongoing digital transformation and adapt to the latest trends of the AI generation era to dominate the industry.
The BFSI senior management recognizes the importance of organizational development to harness the potential of the AI generation. Those who prioritize investing in training programs, fostering a learning culture, and empowering employees to learn future-fit skills can stay ahead of stay ahead of industry trends, drive innovation and maintain a competitive advantage, he adds.
