AI’s Impact on Job Positions in the BFSI Sector

The BFSI (Banking, Financial Services, and Insurance) Sector in India is going through a tech makeover led by the quick uptake of Artificial Intelligence (AI). AI’s market value in India is set to hit $3,935.5 million by 2028, which has a big effect on job roles and how things run in BFSI.

Changing How Customers Interact

AI-powered chatbots and virtual assistants are changing customer service. They offer help 24/7 and handle routine tasks. This cuts down response times and makes customers happier. It also lets human support staff focus on tricky and complex questions.

Boosting Operational Productivity

AI has created a positive impact on operational effectiveness of BFSI sector companies through Robotic Process Automation (RPA). It speeds up transactions and improves risk management. AI-based credit scoring models are revolutionising the lending business, eventually helping in making faster and more accurate decisions.

Shifting Job Roles

AI is changing traditional BFSI sector jobs, while opening the doors to more strategic work. Loan officers now use AI to assess credit, while customer service staff use AI chatbots to handle everyday queries. This allows them to concentrate on more complex issues.

AI-Focused Job Opportunities on the Rise

The job market sees growth in AI engineering, data science, and cybersecurity roles. A study by NASSCOM – BCG shows AI/ML jobs have grown by 15%. AI engineer positions have jumped by 67%, while demand for cybersecurity experts has increased by 25-30%.

People Still Matter

Even as AI grows, we still need people for tasks like following rules and building relationships. AI helps people do their jobs better, not replace them. It frees up workers to focus on big-picture important tasks.

As AI changes how banks and financial firms work, teaching new skills to workers will be crucial. Companies that use AI to come up with new ideas while still valuing human input will grow and do well in the future.

Disclaimer: This article was first published on News Patrolling

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