Page 37 - Banking Finance April 2025
P. 37

ARTICLE




         Human-Machine


         Synergy: Leveraging



         AI to Transform and


         Empower the


                                                                                                 Anish Shrimali
         Workforce                                                               Chief Manager (IT) - Research Officer

                                                                                           Union Learning Academy,
                                                                                            Digital Transformation,
                                                                                        Union Bank of India,Mumbai




           The banking industry, traditionally steeped in  legacy processes and  manual interventions, is
           undergoing a seismic transformation. Fuelled by the rapid advancements in artificial intelligence
           (AI) and digital technology, banks are reinventing their operating models and redefining customer
           experiences.



         Introduction                                         the  future  prospects  of  a  workforce  that  is  more
                                                              empowered than ever.
         The  banking  industry,  traditionally  steeped  in  legacy
         processes and manual interventions, is undergoing a seismic
         transformation. Fuelled by the rapid advancements in  The Evolution of Digital Transformation
         artificial intelligence (AI) and digital technology, banks are  in Banking
         reinventing their operating models and redefining customer
         experiences. At the heart of this evolution lies the concept  Digital transformation in banking began with the advent of
         of human-machine collaboration-a synergy where advanced  online banking and mobile applications. Initially, these
                                                              innovations aimed to enhance customer convenience and
         algorithms and human intuition coalesce to drive innovation,
                                                              reduce branch dependency. Over time, however, digital
         efficiency, and security.
                                                              transformation has become a comprehensive reimagining
         Digital transformation in banking is no longer a distant  of banking service encompassing everything from risk
         vision; it is the current reality. The integration of AI into  management and fraud detection to customer relationship
         everyday  banking  operations  has  enabled  financial  management and compliance.
         institutions to handle vast amounts of data, streamline
         processes, and better serve their customers. However, amid  With the global economy becoming increasingly digital,
         these technological advancements, the role of the human  banks are compelled to adopt robust technologies to remain
         workforce remains crucial. In fact, the future of banking  competitive and compliant. AI has emerged as a key enabler
         hinges on how effectively banks empower their employees  in this process. From automating routine tasks to providing
         by equipping them with cutting-edge AI tools. This article  deep  insights  through  data  analytics, AI  has  not only
         delves into how human-machine collaboration is reshaping  improved operational efficiency but has also opened new
         the banking sector, highlighting its benefits, challenges, and  avenues for customer engagement. This transformation is

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