Automation becomes key when it comes to service-sector revolution and India is not far behind. Two of India's largest private banks: ICICI and HDFC are opening up to artificial intelligence (AI) to boost many of their services, BloombergQuint reported.
ICICI's software robotics is being used by the bank for its day-to-day banking processes like compliance and verification work. Software robotics has reportedly completed 500 such day-to-day activities.
HDFC, on the other hand, has hired a humanoid called Intelligence Robotic Assistant or IRA to welcome customers at its branch and it has been programmed to guide customers to counters based on the type of their enquiry.
Does automation and AI help companies?
These companies have greatly benefitted by automation and AI and can use it for compliance or customer service. In the service sector, the companies can devote extra time while assisting customers or clients facing complex issues.
Further, they can also cut costs and help companies by doing all the time-consuming and tedious work.
Threat to jobs and how to deal with it?
Automation and AI have been considered "the biggest threats to job creation" as traditional jobs might soon "cease to exist."
Some of the big names in the industry have been vocal about the challenges automation and AI will create for the society in terms of curtailing jobs.
Mohandas Pai, chairman of Manipal Global Education Services, who has been vocal on this, said unless the Indian education system moves ahead with the changes in automation and technology, around 20 crore middle-class youth will be jobless by 2025.
Vishal Sikka, the CEO of Infosys, has noted that advancement of technology has removed several mechanical and scripted jobs, especially those related to business-process outsourcing, IT and IT infrastructure operations. But he was confident that automation would create new jobs as well, the report said.
