Over the last couple of decades, the world has gone through a massive technology disruption in every sphere of life. The change has also made it imperative for businesses to ensure reskilling and upskilling of their workforces on a regular basis, in order to stay competitive and relevant.
The banking, financial services, and insurance (BFSI) sector in India is no exception. With the advent of digital 4.0, the industry has remodeled itself to compete on the back of a safe, secure, and frictionless experience for consumers. This demands new age technology, management, and other soft skills. As per a projection, the BFSI industry in India will churn more than 1.6 million employment opportunities in the coming days. While around 20% of these are new jobs, about half would be existing positions that require reskilling because of improvements and developments in technology.
Another growing trend is the rise of automation in the BFSI sector. A recent global report by McKinsey suggests that more than 30% tasks in the BFSI industry will be taken over by machines by 2022. This is equally, if not more, true in India as well. Think of Digital Learning Chatbots, analytics engines powered by artificial intelligence and machine learning which have already become a part of our banking experience. While banks have been utilizing automation to smooth out cycles for quite a while now, innovations will revolutionize systems and assume control over certain human activity jobs totally. In such a situation, numerous positions in the BFSI division will evolve into progressively tech-driven jobs which require profoundly talented highly-skilled employees, making upskilling the need of the hour.
Understanding the need of the hour, the BFSI segment has already initiated several learning advances. Over a period of time, we can expect the industry to discover more significant and adaptable strategies to upskill and reskill their employees to take new responsibilities and drive businesses towards progress and security.
Keeping this background in mind, I am participating in a virtual panel discussion organized by ET HR World on XX at XX. The discussion will cover: –
- Improving employee productivity by focusing on real time performance boosters
- Strategies of artificial intelligence in Digital Learning
- Personalised and collaborative learning model for employees
- Maintaining or shifting of work culture in a digital world
- Leveraging Knowledge Bank of organization through AI and CHATBOT
Click here to register for the event and be a part of the exciting discussion. Happy to talk more about the issue thereafter in the comments section.