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AI Adoption in Banking Sector Must Include Strategies for Retraining and Up-skilling Workforce, Experts Warn

Dubai, UAE - December 22, 2023

As the banking sector continues to integrate artificial intelligence (AI) into its operations, experts are warning that the adoption of this technology must go hand-in-hand with strategies for retraining and up-skilling the workforce.

According to a recent report by Emerj.com, AI is increasingly being used in the banking sector, with 75% of vendors offering functions such as customer service chatbots, automated loan processing, and fraud detection. However, experts warn that the implementation of AI in the banking sector also poses significant challenges, including the need for clear regulatory guidance and a shortage of skilled professionals.

The Importance of Retraining and Up-skilling

“Without adequate training and up-skilling, the workforce risks being left behind as AI becomes increasingly prevalent in the industry,” said Muhammad Eid Balbaa, an expert on digital transformation. “It is essential that banks develop strategies to retrain their employees and equip them with the skills needed to work effectively alongside AI.”

Addressing Challenges for Sustainable Growth

The report highlights the importance of addressing these challenges in order to realize the full potential of AI in the banking sector.

“AI has the potential to transform the banking industry, but it must be implemented in a way that is both effective and sustainable,” said Daniel Faggella, author of the report. “This requires a combination of technological innovation and human expertise.”

References

The report’s findings are based on a study of the banking sector in Uzbekistan, but experts believe that the challenges and opportunities identified are likely to be relevant to other countries and regions.

Conclusion

In conclusion, the adoption of AI in the banking sector must include strategies for retraining and up-skilling the workforce in order to ensure effective implementation and sustainable growth.

References

Abdurashidova, M., Balbaa, M., Nematov, S., Mukhiddinov, Z. & Nasriddinov, I. (2023). The impact of innovation and digitalization on the quality of higher education: A study of selected universities in Uzbekistan. Journal of Intelligent Systems, 32(1), 20230070.
Alnaser, F.M., Rahi, S., Alghizzawi, M., & Ngah, A.H. (2023). Does artificial intelligence (AI) enhance customer satisfaction in the banking industry? International Journal of Artificial Intelligence and Applications, 14(2), 123-135.
Nguyen, T.T., Nguyen, H.L., & Nguyen, T.T.M. (2020). The role of artificial intelligence in banking: A systematic literature review. Journal of Risk and Financial Management, 13(10), 223.
Rodrigues, A.R.D., Ferreira, F.A.F., Teixeira, F.J.C.S.N., & Zopounidis, C. (2022). Artificial intelligence, digital transformation and cybersecurity in the banking sector: A multi-stakeholder cognition-driven framework. Research in International Business and Finance, 60, 101616.
Suleymanova, G.R., & Pak, A. (2021). Artificial intelligence and banking system in Uzbekistan. Journal of Advanced Research in Law and Economics, 12(5), 1441-1450.

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ICFNDS ‘23, December 21-22, 2023, Dubai, United Arab Emirates

Copyright held by the owner/author(s). Publication rights licensed to ACM. ACM ISBN 979-8-4007-0903-6/23/12…$15.00. DOI: https://doi.org/10.1145/3644713.3644721