Artificial Intelligence: Will it be a new challenge for professional bankers?

‘Artificial Intelligence’ which has become the living nightmare for millions of professional bankers, is not a threat, it’s a gift from modern technology to ease their work to provide fast and better services to the clients. Embrace it!

Artificial Intelligence (AI) is the newest invention of modern technology which allows the machine to learn from the environment through machine language and execute it just like human beings. Now a day’s application of AI is all over the world as a result of the revolutionary advancement of science and technology. Banking sectors are not out of the reach of this modern innovation. With the help of AI, banks are now able to satisfy clients with fast and secured services. Even in Bangladesh, the application of Artificial Intelligence (AI) in the banking sectors can be noticed openly all over the country. Every bank has ATM services which are entirely dependent on the AI system.

No doubt that this Artificial Intelligence is a grace of modern technology, but it brought upon some dreadful thoughts to the employees of the banking sector. According to a report by American Bankers, 1.2 million bankers will be jobless due to the implementation of Artificial Intelligence. Will the AI take over the whole banking system? The answer is ‘NO’. However, it will also be a concerning issue for Bangladesh Bankers. With a huge number young peoples in the country technology cannot be avoided in case of banking.

The more application of AI has indeed eased some tiring and boring tasks of the employees. On the other hand, it created more job opportunities in the banking sector! As we all know in the AI system machines acquire knowledge as a child does. You cannot put such devices into some important task without a skilled observer! Bank will need to recruit more employees in the IT sector for security and error issues. Still, the previous post or the employees won’t be replaced by AI; rather, it will just make their daily works more interesting and easy. End of the day there will not be any tension of completing calculation of a long list, if there is an error, it will be found in an instance! No extra headaches for the new clients or any employee to fill up forms, it can be done from home. If any helps needed there is always human being waiting at your service!

Banks are such important industries for a country, and anybody cannot entirely rely on machines to take the place of professional human employees. But to reduce the time consumption to provide faster and smarter services, banks have to apply Artificial Intelligence in some limited sectors. It is not a threat nor challenge for the professional bankers; rather it’s a grace for them.

Many countries have already implemented AI based technology in banking system. Auto replying chat bots has already been replaced the front office of the banks. AI is also helping the banks even in case of fraud detection and lending risk analysis.

The higher authority of the bank must keep it in mind that, internet-based system and Artificial Intelligent system have lots of security issues. There is always a dreadful threat from the hackers to loot with a click of a button from any part of the world. So be very careful about IT security. Train the remaining employees about the fortune of modern technology and the weaknesses of it.

Artificial Intelligence (AI) will be a new sector of learning for the professional bankers, as technology cannot be replaced the human capability. Someone has to control it from behind. This new challenge can only be mitigated from learning new things about  relevant technologies.

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