Banking

Citizens Retrains Employees for AI

Citizens Bank intends to re-train its labor force as it checks out usage cases of generative AI within contact center systems, recommending and coding.

Citizens Retrains Employees for AI
Photographer: Scott Eisen/Bloomberg

As the $222 billion bank purchases AI, it is seeking to its labor force to perform its efforts instead of looking external, Beth Johnson, primary experience officer at Citizens Bank, informed Bank Automation News. 

“If we can give [our team] better tools to answer questions faster, if we can train them faster, make them more efficient,” that would include worth to the bank’s operations, Johnson stated. 

For example, within branches, the bank intends to train its employees to supply guidance in addition to working as a teller, Michael Ruttledge, primary details officer at Citizens Bank, informed RESTRICTION. 

“We’ve also taken some folks out of the branch, and we’re training them as engineers,” Ruttledge stated. “We have got an academy program where we take people who are non-tech but have the aptitude and the skill to be able to learn that and grow that.” 

The bank likewise seeks to train workers who have a computer technology or information science degree however did not enter into that field, he stated. 

AI’s influence on the labor force 

While a current Challenger, Gray and Christmas report mentioned that almost 4,000 tasks were gotten rid of in May 2023 due to increasing usage of AI in business, specialists think it’s prematurely to state how AI will impact the task market. 

“Technology is going to increase the productivity of the banks and the workforce at the same time, and when we see change, there’s always incredible increase in the amount of work they have to do to actually roll out change,” Carlo Giovine, a partner at QuantumBlack, McKinsey & Co.’s expert system arm, informed RESTRICTION. 

The increased efficiency can permit banks to double down on consumer experience or go into brand-new services, Giovine stated. 

“I think the next year will be mostly experimenting with technology, updating risk frameworks and then adding guardrails to essentially prevent misuse, prevent audit risks that we know these models are capable of,” he stated. “I don’t expect dramatic changes, but then, as it’s become more mainstream, and is more proven and safer, we may see banks taking different stances.” 

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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