According to Jagdishan, we will experiment with AI, and the results should be visible between 18 and 24 months from now.
According to Managing Director and CEO Sashidhar Jagdishan, HDFC Bank does not anticipate any layoffs as a result of the use of artificial intelligence (AI), stressing that the technology would be utilized to repurpose staff members into more technologically advanced and customer-facing jobs.
“Frankly, AI is not going to have any layoff whatsoever in our bank,” he told reporters after the company’s October 18 Q2 results. Moving folks from the back end to the front end or to the tech end seems like a huge opportunity to me.
“There is a lot of room for expansion. In order to interact with consumers and stay up to date with fast advancing technology, we would want to have a large staff at the front end.
He pointed out that rather than using AI for decision-making, the bank is now using it for re-engineering and process optimization. “This will open up a good bit of capacity by reducing turnaround time, streamlining procedures, and creating a reasonable amount of user experience,” he said.
“The objective is to bring more personnel to the front end to interact with more consumers to free up capacity at the back end.”
While some AI efforts may fail, Jagdishan acknowledged, the bank is hopeful about early successes. “We are hopeful that the low-hanging fruits should succeed, but other attempts will not work. The benefits of this should become apparent between 18 and 24 months, he said.