Study in the BFSI Sector on the Role of AI in Human Resource Management

Introduction

In the era of competitive business world and in the situation in BFSI Industry like today where pandemic has stroked out everywhere around the world then in such situation the HR (Human Resource) Department must work as a profitable asset for the organization to achieve the organizational goals and objectives and to make higher profits to strive in this competitive market. To strive in the market or to be successful in the zone the organization need to achieve higher customer satisfaction as this is an important aspect to survive in the market in Banking, Financial Services, and Insurance sector. To achieve the higher customer satisfaction the HR Department needs to adopt innovative ideas or practices to improve the performance and to be different from other organization in same zone in this era of competitive market. HR need to imply those practices which could make the employees of the organization satisfied and if the employees are contented then they will help the organization to achieve higher profits by making customers satisfy. As earlier HR had its base in administrative functionality such as recruitment, selection but now in today’s world the HR is also following the new trends of this generation. As HR is progressing towards Automation, Augmented Intelligence, Robotics and Artificial Intelligence and started moving with the new trends of this age. Artificial Intelligence has completely redefined and reshaped the way in which workforce practices are done in the organization especially in Banking Sector. At present the buzzing word all over the world is Artificial Intelligence and how it is completely changing the HR practices all over the world. Artificial intelligence is also grasping millions of jobs globally in each sector. But still HR has not cope up with the Artificial Intelligence and it is not traditionally associated with this new technology. If any organization fails to employ Artificial Intelligence with HR practices than that could show a terrible mistake for that organization, and it will be difficult for them to grow big in the market and survive in this globe with such an advanced technologies and machines. But globally the workforce is afraid of the involvement of Artificial Intelligence and Advanced Self Learning Machines as they are exterminating the participation of humans in every aspect of different fields. But the personage is unable to understand the benefit of these advanced technologies as they are being made for the benefit of humanity and not for its demolition. Now the biggest challenge for HR Department of the Banks, in the various organizations is to compete with these advanced technologies or machines and how they will train and re-transform their workforce to make them understand the use of Artificial Intelligence and even how they will make the workforce to collaborate and work with AI and Robotics.

Artificial Intelligence is a technology which uses the human intelligence in various fields to improve the performance of all industries globally. It is an emerging technology which is being used by all kind of organizations to increase the productivity and performance of their respective organization. It is like the human brain and has power to perform with the full efficiency. Robotics is a type of artificial intelligence which is used in every aspect in the industry, and it is carried out by the machines which are known as artificial intelligence. AI is defined as an ideal intelligent machine which is flexible agent that recognize its environment and take the actions which will maximize the chances of success at some goal level. Artificial intelligence was used first time in education in 1956. As AI reduces the workload and even the work pressure of the employees at workplace (Premnath & Chully 2020).

AI uses certain algorithms and according to these algorithms it performs all its actions. Even various tests are identified to check the intelligent behavior of machines like human beings are being tested. Machines can be tested by Alan Turing test which is conducted by using three participants those are computer, human interrogator, and a human foil. The interrogator asks several questions to the two participants to distinguish machine from the human and all this process is done using display screen and keyboard. As machine will answer all questions in wrong way and human foil will try to give answers and to help the interrogator to make right recognition and if interrogator fails to differentiate the machine from human, then that machine is intelligent according to this test.