Introduction

In today’s world, artificial Intelligence (hereinafter is called AI’s) occupies the major place in life of general person. It indicates that the society is thriving from a technology based environment to technology enabled environment. The integration of A.I. in working environment makes job easy, efficient and effective however it is a stern truth that while doing so it also reduces human intervention thus posing a direct threat on human jobs. A.I. is capable of solving unstructured problem with zero defects or a minimal defect which is the main reason that large giants companies (i.e. IBM, Dell Technologies, ODM Direct, Hewlett Packard Enterprise and Accenture) are coming forward and participating in machine intelligence implementation. As per the Report of Task force on Artificial Intelligence dated 20th March’2018 “1000 firms are investing in A.I”.

Figure 1 - What is artificial intelligence

Figure 1 - What is artificial intelligence Image 2

@Accenture, in its recent AI research reports, provides a framework for evaluating the economic impact of AI for select G20 countries and estimates AI to boost India’s annual growth rate by 1.3 percentage points by 2035. (@Rewire for Growth: Accelerating India’s Economic Growth with Artificial Intelligence, Accenture)

Indian Government footsteps towards A.I.’s

Let’s look into steps taken by Indian govement for policy, structure, guidelines & rules regarding A.I. in India. Now-a-days, GoI has taken various steps to drill down the A.I.  resources.  The government on the recommendation of NITI Aayog (The National Institution for Transforming India) a premier think tank of GoI developed a National strategy on Artificial Intelligence under which a task force on Artificial Intelligence has been formed under the purview of Ministry of Commerce & Industry. GOI has taken steps towards A.I. development which are as follows:-

Initiatives in 2017

  • AI Task Force was formed by the Commerce and Industry Department, Government of India (GoI) that focuses on India’s economic transformation.
  • One of the state governments of India announced Kaizala as a platform for its citizen-connect program to enable large-group communications and work management.

Initiatives in 2018

  • NITI Aayog and ABB India signed a statement of intent (SoI) to incorporate the latest developments in robotics and AI;
  • Invest India and the UAE Minister for AI signed a Memorandum of Understanding (MoU); and
  • NITI Aayog, and Tata Institute of Fundamental Research (TIFR) initiated collaboration to set up ICTAI in Bangalore, Karnataka.

Initiatives in 2019

  • A new national program for the development of AI was announced in the Interim Budget 2019; and
  • NITI Aayog launched AI 4 All Global Hackathon to promote awareness and develop solutions to address the infrastructure challenges, without compromising on the data privacy while training the AI algorithms.

Impact of A.I’s in Financial Sectors

1) Banking Companies: – Banks can provide rounds the clock financial service and assistance towards customers. The use of robotics, chatbots enhances go beyond of accounting money and facilitators of payments ; the use of robotics & Machine intelligence like Customer supports , chatbots for customer grievances, Best advise on diversified Investment strategies to their customers within their constraints & resources etc.

2) Insurance Companies:– Various forms of reports of insurance-holders prepared by solving unstructured problems like Insurance holders behavior , pattern of Investment, lock in period of insurance, maturity period & growth aspect etc. It also helps in Risk Assessment of Investment portfolio.

3) E-commerce Companies: – Many E-commerce companies say Amazon, Flipkart, eBay etc. works flawlessly on realtime updation of stocks with the assistance of AI’s. It caters to consumer preferences on the basis of previous behavior pattern. However, it raises the question about the consumer privacy & data protection.

4) Stock Exchange:- Major role of exchange authorities in respect of data collection & processing as well as grievance solution would be done with help of AI’s  & Machine Intelligence systems. It will increase speedily functioning of systems.

5) Financial Consultancy: – AI’s has failed to take over this sector as any variety of consultancy consist customized & semi structured problems; This may be kind of Mundane task or jobs which can be solved only by human brains.

Impact of A.Is in Financial Sectors

Applications of Artificial Intelligence in Commerce World

(i) Chatbots: – Banking sector adopted chatbots for customer assistance.

(ii) Credit Analysis: – AI’s technology is using in credit assessment of customers by accurate risk assessment methodology.

(iii) Fraud Detection: – It enables banks to identify threats in realtime, automatically trigger alerts and respond quickly to hidden attackers in data center workloads and user and IoT (Internet of things) devices.

(iv) Best Investment Opportunity Discovery: – It processes the vital information in Machine intelligence mechanism and drive out best results on circumscribing limits resource & constraints.

(v) Signature, Image & voice recognition:- Approvals & authentications of cheques, registry and power of attorney done by the AI’s Technologies

Requisite or Skills required for Financial Jobs after A.I’s

Requisite or Skills required for Financial Jobs after A.Is

As per NASCCOM prediction, 9% Indian Workforce will be engaged in entirely new jobs which is not exists on today and 37% which radically changed the skill sets at the end of 2022.

i. Updation of Tech skills: – After AI’s atmosphere Technical skills will also become the core knowledge area along with the other basic skills. Those people who are technology upgraded only get chance to win the battle.

ii. Soft Skill sets over shadows the Hard skill sets:- As most of the part of work is done by machine intelligence then people gains a better chance to get selected for job who has better soft skills i.e. communication skills, e-mail writing, drafting skills etc.

iii. Ability to Take Effective Quick Decision: – AI’s Technology is useless if results of it not implemented in business by means of taking effective & quick decision managerial skills.

iv. Up skill Managerial & Team Building Skills: – As AI’s technology boosts independently & self govern work culture which creates a gap between employee & management. An utmost managerial & team building skills will play a pivot role in strengthen the communication between them.

v. Pro Active & Disciplined :- Each staff worked under AI’s Technologies should to be highly self motivated as well as Disciplined in his approach; all task or jobs are able to be cut short with the use of it and improve the efficiency only by staff activeness and disciplined perception.

vi. Data Secrecy & Protection of Information: – Rival’s to the organization more inclined and move towards unauthorized access to important information; a strong AI’s system control environment will become the first priority of the organizations.

vii. Interpersonal & Problem Solving Skills: – A robotics & experts system would not able to solve behavioral & social problems so with the adoption of AI’s technology staff’s performance would judge on the basis of their Interpersonal & problem solving skills.

viii. Switch to Emergence learning rather Educational Learning: – People’s will follow to emergence learning rather than basic educational learning programmes.

ix. Interacting with Stakeholders: – Management plays a pivot role on holding both nodes of communication with the help of interaction with stakeholders.

x. Competencies for Compliance of Regulatory Norms related to AI’s:- With use of AI’s, it would arise a various kinds of regulatory and governance norms that are required to be complied by only IT Administrators.

All steps & efforts have been taken to make this article error free & authentic even if any inconsistencies found or any suggestion in respect to this article, Please feel free to mail on naithani.ankit14@gmail.com.

Courtesy By: – https://niti.gov.in/ , FICCI‘s Report: Future of Jobs in India -2.0, MoC&I’s Report: The Artificial Intelligence Task Force.

Warm Thanks to Mr. Rahul Sharma on assistance for that article.

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Qualification: Student - CA/CS/CMA
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Location: New Delhi, IN
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