AI Revolution: Reshaping Jobs in Indian Banking Sector

The potential impact of artificial intelligence on employment in the Indian banking sector has sparked apprehension. According to a report by the Boston Consulting Group, adopting AI technology could 'reshape' up to 50% of roles within the industry.

The report reveals limited gains in productivity, despite Indian banks increasing their information technology spending almost fivefold over the past decade. Actual productivity improvements are estimated at a mere 1%, with Indian banks trailing behind global counterparts.

The report also underscores the necessity for Indian banks to embrace AI to manage existing challenges, such as elevated tech spending and slow credit growth, in order to achieve national economic goals.

(With inputs from agencies.)