AI-enabled chatbots has the potential to change the way a bank hires staff. Read on to know more…
Imagine this — instead of following the conventional practice of meeting the candidates in person — a bank can use an Artificial Intelligence (AI)-based tool on college campuses for recruiting probationary officers. A few years back, this may be imaginary — but now AI-enabled chatbots can indeed be used to interview potential candidates for the banking sector.
Why AI-based Interview
One of the frequently asked question is — why does a bank decide to drop the traditional methods in hiring and go for an AI-based tool while recruiting from campuses? By 2025, 80% of the workforce in banks will be millennials which means they are digitally empowered, comfortable with all the new technologies much better than those people who are already in the organisation. When we want the best from the campuses, we have to create a ‘wow’ factor which would make the candidates feel that they are going to be in an organisation that is well ahead in technology.
Concept of AI-based Tool
First of all, the AI-based tool for recruiting is a mobile application which the students can download to write the application form, and upload the documents. Then there is a Chatbot. The interaction between the candidate and the organization starts from there. Once the candidate enters the system with a password, one can see all the information that is there on the candidate. The highlight of the interview process is it is robotic. Even before the actual robotic interview starts, one can get to see the candidates and how they are coping and getting ready.
Some of the advantages of using the AI-based tool is — candidates may not be so confident when the real interview starts, but here we get to see in real time to evaluate them. The candidates can face the interview from any place. Compare it to the traditional method in which one has to collect 30 to 40 answer sheets and seal them in a packet and courier to the main office. Bu using the AI-based tool, one can see all the details at the head office through online process.
The real advantage is that much before the group discussion and the physical interviews with the panellists, we get to know the candidates well. And also because the candidates are logged into the app, the communication between the candidate and the bank becomes easy, fast and smooth. Lastly, within minutes after the interview, results are declared and also a text message of the result is sent to the parents of the candidates.
Here the key advantage is that it is paper-less and there is no confusion that arise when 5 or 6 firms are recruiting from the campus at the same time.
The Road Ahead
It is reported that banking is one sector that is growing and going to create a lot of employment opportunities. As of now, the robots can never be a substitute for human beings. Going ahead, perhaps AI-enabled technology can evolve in such a way that robots may find out the entire potential of the candidate much better than a human being. In future, banks can decide to drop the traditional methods in hiring and go for the AI-based tools while recruiting from campus.
One cannot predict when such things can be a reality, but one cannot rule out such a possibility. Although right now, we use human interviews to make the final call.