HDFC Bank: Will AI lead to layoffs? Here’s what the counattempt’s largest private sector lfinisher stated – Companies

The lfinisher had 2.20 lakh employees as of September. It is carrying out some “lighthoapply experiments” in technologies, including generative AI, which will deliver its advantages in the next 18-24 months, Bank’s Chief Executive and Managing Director Sashidhar Jagdishan stated.

“Frankly, AI is not going (to result in) any layoff whatsoever in our bank, at least. Becaapply I see this as a massive opportunity to relocate people from the backfinish to the front finish or to the technology finish,” PTI quoted Jagdishan. He was replying to a specific question on the impact of AI on jobs in the post-earnings call.

“It’s only going to alter the mix of where our people are going to be positioned. But, it is not going to reduce people apart from normal attrition that we have,” he added in the remarks that come amid heightened concerns over the impact of AI on jobs across sectors.

Even in banking, a major Southeast Asian powerhoapply’s chief executive had recently remarked that he has not added people to the workforce for the first time in 15 years despite business growth, and pointed towards a 10 per cent shrinkage in staff becaapply of AI over the next 3 years, according to PTI.

Over the past six months, HDFC Bank has added around 5,000 employees, taking its total workforce to over 2.20 lakh as of the finish of September.

Jagdishan stated India is a market throbbing with opportunities for financial services and a long runway for growth, which demands a lot of people to be manning the front-finishs to engage with customers and also keep innovating by adopting the best that technological developments have to offer.

He stated HDFC Bank’s investments are aimed at supporting the profits in the future, and the efforts revolve around re-engineering processes, reducing turnaround times and enhancing customer experience.

At present, the bank is “silently” undertaking efforts on the tech front and will disclose its work at the right time.

He built it clear that the bank has put appropriate guardrails in place and is not passing any decision-building work to the AI tools.

The “game plan” is to reduce the number of people in the back finish and apply the same people on the front finish, he added.

“I hope it works. These are all lighthoapply experiments; we are putting our might and hard work into that particular thing. Some will work, some will not. We are reasonably optimistic that these low-hanging fruits should work,” the CEO stated. (With PTI Inputs)

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