OPENTEXT & TCS
demand creativity , empathy and critical thinking , which will create new roles and opportunities .”
This shift towards a hybrid workforce – where humans and machines constantly improve each other – will require continuous retraining and upskilling . “ Upskilling in data science is key ,” Lars asserts . “ Gen AI lives on data , so you need people who understand what data you have and what quality it has . This is a business problem , not an IT problem , so you need to upskill the business as much as IT .”
Pradeep reinforces this point , citing findings from a recent TCS study : “ Even in this era of AI , there ’ s no substitute for human creativity , empathy and strategic thinking . Our study found that 63 % of BFSI companies think human creativity and strategic thinking will remain essential to their competitive advantage .”
The path to AI implementation For BFSI firms looking to implement AI solutions , the executives offer several key pieces of advice . First and foremost , they emphasise the importance of getting started . As Lars puts it : “ The technology is there and your competition will use it , so dive in .”
However , diving in does not mean going it alone . Both Lars and Pradeep stress the importance of finding the right partners . “ I would strongly suggest to both get a technology partner like ourselves and an implementation partner ,” Lars says . “ Firms should look for a partner that understands their business needs and has a broad range of experience in their chosen project ,” Pradeep adds .
When it comes to choosing specific AI projects , Lars advises taking a strategic approach . “ Brainstorm on where you think AI can help and get a quick validation with some experts ,” he suggests , cautioning against expecting AI to magically solve longstanding business problems : “ If you have a business problem you are not good at solving , then Gen AI is not going to magically solve it .”
The future of AI in BFSI Looking ahead , AI is set to become an increasingly integral part of the BFSI landscape . “ Given AI ’ s potential to add complementary value , it will become mainstream in the BFSI industry ,” Unni predicts . “ Going forward , BFSI firms will increasingly leverage composite AI technologies – both predictive and Gen AI – for disruptive transformation .”
This mainstreaming of AI will involve a shift in how the technology is used . As Unni explains : “ This will entail a shift in how AI is used – from leveraging it tactically to design point solutions for specific use cases to utilising it to drive knowledge-driven decisions and innovation . This , in turn , will reimagine entire value chains and transform the way BFSI firms do business .”
Pradeep adds that future AI implementations will increasingly focus on innovation and revenue growth . “ In our recent survey , we found that as many as 88 % of BFSI pace setter companies – those that enjoy greater financial success
108 October 2024