The Financial Express
Only 6.0pc banks well equipped to embrace AI tech

Only 6.0pc banks well equipped to embrace AI tech

A study conducted by BIBM found out that only 6 per cent of banks were well equipped to integrate AI technologies into their operations and services. However, the majority of banks (43 per cent) believe they are only "moderately prepared," and only 36 per cent believe they are "somewhat prepared" for the introduction of AI, the study revealed on Wednesday. Uncomfortably, 15 per cent of banks said they were "not prepared at all" for the use of AI," said the study. The study findings were revealed at a seminar titled "Stakeholders' Readiness for AI-Driven Banking Business in Bangladesh" held virtually organised by Bangladesh Institute of Bank Management (BIBM). A paper on the topic was presented at the event by Md. Shihab Uddin Khan, Director (Research, Development & Consultancy) of BIBM. The study also reveals that no bank has adopted AI-powered solutions or technology on a large scale. In some capacity, study found 65% of banks already implemented AI, and 32% intended to do so soon. The study's findings show that the banking industry was quite interested in implementing AI. Considering that almost two thirds of banks already used AI in some capacity (on small scale of AI applications). Majority of the banks (86%) think that the ecosystem is partially prepared or prepared to some extent. Opinions of 10% banks are that ecosystem of our country is not ready or prepared at all for the integration with AI. 30.96% customers agreed that they were ready to accept any banking operation using AI. However, only 17.41% customers strongly agreed that the banks had sufficient capacity to handle any cyber-crime in the banks while only 15% customers strongly agreed that Bangladesh Bank (BB) had sufficient capacity to handle any cyber-crime in the commercial banks and the BB itself. Speaking at the event, Kazi Sayedur Rahman, Chairman of BIBM Executive Committee and Deputy Governor of Bangladesh Bank, said 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. "It changed the economic transactions of people around the world," he said adding that the greatest impact of AI is the way of delivering services by the companies. Dr. Md. Akhtaruzzaman, Director General of BIBM, chaired the programme. Mr. Mohammad Ali, Managing Director & CEO of Pubali Bank PLC; Mr. Debdulal Roy, Executive Director (ICT) of Bangladesh Bank; Mr. S. M. Mainuddin Chowdhury, Additional Managing Director of Shahjalal Islami Bank PLC made comments as designated discussants. [email protected]
Published on: 2024-04-03 20:45:36.032657 +0200 CEST