Referring to a study, experts at a seminar on Wednesday said that 6% of banks are well equipped to integrate AI technologies. The majority of banks (43%) believe they are only "moderately prepared," and only 36% believe they are "somewhat prepared" for the introduction of AI.
The study suggest that 15% of banks are "not prepared at all" for the use of AI. The seminar was organised virtually by the Bangladesh Institute of Bank Management (BIBM).
Kazi Sayedur Rahman, Chairman of BIBM Executive Committee and Deputy Governor of Bangladesh Bank was present in the seminar as the chief guest. Md. Shihab Uddin Khan, Associate Professor & Director (Research, Development & Consultancy) of BIBM delivered welcome address.
While addressing, Kazi Sayedur Rahman said banking industry of Bangladesh is undergoing a profound transformation driven by technological advancements, particularly in the realm of artificial intelligence (AI). He said the rapid evolution of technology, particularly AI, is reshaping the banking landscape worldwide.
AI has been successfully adopted in different sectors irrespective of its size and nature around the globe including the banking sector.
Dr. Md. Akhtaruzzaman, Director General of BIBM chaired the program. A paper “Stakeholders’ Readiness for AI-Driven Banking Business in Bangladesh” was presented in the program by Md. Shihab Uddin Khan, Associate Professor & Director (Research, Development & Consultancy) of BIBM. Other members of the research team were Dr. Mohammad Tazul Islam, Associate Professor of BIBM; Md. Abul Kalam Azad, Head of Information Security & Compliance of Eastern Bank PLC; Dr. M. Ameer Ali, Senior Security Consultant, Tesserent by Thales, Melbourne of Australia. Mohammad Ali, Managing Director & CEO of Pubali Bank PLC; Debdulal Roy, Executive Director (ICT) of Bangladesh Bank; SM Mainuddin Chowdhury, Additional Managing Director of Shahjalal Islami Bank PLC made comments as designated discussants.
PwC estimates that between 2017 and 2037, AI will replace 7 million current jobs in the UK, but it might also create 7.2 million new ones. It could be difficult to deal with this uncertainty and the changes in how some people will make a living.
These findings suggest that while the banking industry recognizes the potential of AI, there's a mixture of cautious optimism and hesitancy toward full-scale implementation.
The study also reveals that no bank has adopted AI-powered solutions or technology on a large scale. In some capacity, 65% of banks have already implemented AI, and 32% intend to do so soon.
The study's findings show that the banking industry is quite interested in implementing AI. Considering that almost two thirds of banks have already used AI in some capacity (in small scale of AI applications).
