New Efma digest outlines how AI will transform banking

Lindsay James
Lindsay James
By Lindsay James on 09 July 2018
New Efma digest outlines how AI will transform banking

Efma’s latest digest publication, titled ‘Creating the AI-powered banker’, brings together the latest research and analysis on the impact of artificial intelligence (AI) to find out how banks can prepare themselves for a hybrid human-and-machine workforce.

The report looks at key challenges faced by banks as they prepare to manage and develop a digitally-enabled workforce. It includes in-depth discussions of how technology is reshaping the way people work, what banks can do to help their workers build resilient careers, how they should rethink existing job roles, and how best to effectively introduce AI. Examples from different regions show how forward-thinking organisations around the world are already putting strategies in place to leverage the power of an AI-enabled workforce.

“For banks, AI offers the tantalising prospect of huge productivity gains and customer service improvements,” says Vincent Bastid, Efma’s CEO. “But many also fear that the rise of AI threatens countless jobs and undermines individual roles. To optimise the opportunities AI brings, banks need to work out how they can take the best of both machine and human attributes, and bring them together to realise their full potential.”

The report concludes that banks need to prepare for widespread change, and the key to success lies in upskilling and reskilling to get the right blend of human expertise and digital tools. It recommends that banks should take a people-centric approach to digital transformation, reassess their recruitment and career management processes, and invest in critical human skills such as problem-solving, creativity and moral and ethical decision-making. Assessing how work gets done, and analysing the full range of talent segments and technologies that can be used, will enable banks to identify the best human and non-human combinations for the business. The report recommends a collaborative effort across functions, enabling banks to ensure the scope of the augmented workforce aligns with business strategy and involves full participation across the organisation.

“While it’s difficult to predict the extent of AI adoption and its impact on the workforce in the next few years, banks need to think carefully about how they should prepare their employees for big changes in the years ahead,” Bastid concludes. “We hope that by bringing together the latest research and analysis on the augmented banking workforce in an accessible format, we have provided clarity on the issues at stake, helping banks to explore the best ways to leverage AI to benefit customers, colleagues and their business.”

 

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