The banking and financial services (BFSI) sector was one of the early adopters of data and analytics. There is no doubt it has helped the companies. But technology keeps changing and now it is the age of artificial intelligence (AI). How are companies and leaders in the sector keeping up with this change?

BFSI has already integrated artificial intelligence (AI) to improve customer experience, says Robin Bhowmik, Chief Business Officer, Manipal Academy of BFSI. “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 investing in training programmes to equip 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.

The areas of upskilling

Generative AI (Gen AI) is expected to add a lot of value to the industry by detecting fraud, enhancing the efficiency of client services, reducing operational costs and improving compliance performance. “Gen AI has boosted anti-money laundering processes, the fight against financial criminals, and global criminal funding. Using the natural language processing abilities of Gen AI, automated support systems like chatbots can help polish customer interaction. Data analysis can become faster and more accurate with Gen AI as well,” Bhowmik says.

The key skills learning programmes should prioritise are artificial intelligence & tech integrated learning; robotic process automation; critical thinking and quick adaptivity, he says.

Kumar says banking professionals should prioritise upskilling in AI-related domains such as data science, cybersecurity and AI ethics. Developing soft skills like adaptability, critical thinking and collaboration is also essential.

Future readiness with AI upskilling

“As the majority of entities in the BFSI sector have been integrating AI in various aspects, finding a way to stay ahead of the competition becomes crucial,” says Bhowmik. “Banks now need to concentrate on drafting and delivering customised customer services. Personalised financial advice and product recommendations are highly important. Banks must become a part of the ongoing digital transformation and adapt to the latest trends of the Gen AI era to dominate the industry.”

Senior leadership in BFSI recognises the importance of organisational upskilling to harness the potential of Gen AI. Those who prioritise investing in training programmes, fostering a learning culture and empowering employees to acquire future-ready skills can stay ahead of industry trends, drive innovation and maintain a competitive edge, he adds.