Essay on automation in banking sector
But, alongside all the buzz comes the inevitable concern that the implementation of this technology will reduce the need for actual human workers. The answer is not as simple, although these sorts of claims are not entirely unfounded. Over the past decade, the digitalization of customer services has led to a decline in the need for front-of-house staff in banks and the subsequent closure of many branches. Similarly, one of the primary areas where banks are implementing new AI solutions is customer services.
Several tier one institutions have developed AI-powered chatbots and virtual assistants. These products are the ones that are most likely to replace jobs. The more that these products are used, the more they learn, which means that they exponentially improve in their capacity to assist customers without requiring human involvement.
A priority for several top-tier banks has been to use AI systems for detecting fraudulent activity or money laundering. IT systems have revolutionized financial services, and as a result, the banking industry has saved billions of dollars while offering consumers numerous conveniences…. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.
SBI provides a range of banking products through its network of branches in India and overseas, including products….
Effect of Automation on the Performance of Commercial Banks in Bangladesh
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Show More. It has become globally competitive and diverse aiming, at higher productivity and efficiency. Exposure to worldwide competition and deregulation in Indian financial sector has led to the emergence of better quality products and services.
Reforms have changed the face of Indian banking and finance. Read More.
How artificial intelligence is changing the face of banking in India
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Essay: Role of Technology In Banking Sector
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