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By Krishnendu Chatterjee
The BFSI (Banking, Financial Services, and Insurance) sector is witnessing a technological revolution, driven by the rapid adoption of Artificial Intelligence (AI). With AI’s market size in India projected to grow to $3,935.5 million by 2028, its impact on job roles and operations within BFSI is profound.
- Transforming Customer Engagement
- AI-powered chatbots and virtual assistants are reshaping customer service, providing 24/7 support and automating routine tasks. This allows human customer service agents to focus on complex inquiries, improving response times and customer satisfaction.
- Boosting Operational Efficiency
- AI is enhancing operational efficiency through Robotic Process Automation (RPA), streamlining transactions and improving risk management. AI-powered credit scoring models are revolutionizing lending practices, resulting in faster, more accurate decisions.
- Evolving Job Roles
- AI is transforming traditional roles in BFSI, creating opportunities for more strategic work. Loan officers now rely on AI for credit assessments, while customer service representatives use AI chatbots to handle routine queries, focusing on more complex issues.
- Emerging AI-Centric Roles
- New roles in AI engineering, data science, and cybersecurity are emerging. A NASSCOM-BCG report highlights a 15% growth in AI/ML jobs, with AI engineer positions increasing by 67% and cybersecurity talent demand rising by 25-30%.
- The Human Factor
- Despite AI’s growth, human interaction remains crucial, especially in compliance and relationship management roles. AI augments, rather than replaces, human capabilities, freeing employees to focus on strategic, value-added activities.
Conclusion: As AI continues to reshape the BFSI sector, upskilling and reskilling the workforce will be key. Organizations that embrace AI-driven innovation while maintaining the human touch will drive future growth and success.
(The author is Krishnendu Chatterjee, VP and Business Head, TeamLease Services, and the views expressed in this article are his own)