AI in Indian banking will not replace inefficiency. It will scale it.
Instead of one useless customer care executive, you will now argue with 5 chatbots named Asha, Tara, RIA, EVA and HelpBot Pro before customer satisfaction manager Meenakshi finally enters the chat and says:
“Sir, please visit your home branch and submit the application in writing. No sir, not today. Today is 2nd Saturday.”
If Banks start to use AI seriously, they can shed off their 40% employees for improving efficiency and can still generate the same output. Axis Bank is the first mover and has laid off 3000 employees.
Banks in this AI world don't need a full army of workers.