India’s Banking, Financial Services, and Insurance (BFSI) sector has seen immense growth in recent years. According to a recent study, India’s BFSI sector is expected to be the third largest by 2025, and India’s finance sector is projected to have a market volume of US$18.75 million by 2027. With the impact of AI interviews, hiring for these sectors is also going to be big.
Such a growing sector also requires a large volume of hiring. However, as the demand for talent has surged, the supply is rather low due to a talent shortage. This is where companies need to elevate their recruitment processes. Using AI interviews is a great option as they are transforming the BFSI space. Let’s find out how.
How Does the BFSI Sector Leverage AI Interviews for Efficient Hiring?
When there’s more demand than supply, you need to change your recruitment strategies. Here’s how AI interviews are benefitting the BFSI industry:
Automates the Interview Process
AI-based interviews leverage advanced algorithms and natural language processing (NLP) to conduct initial screening rounds of candidates. This automates the screening process and reduces up to 100 man hours on resume screening. The BFSI industry, known for its regulatory requirements and need for precision, is increasingly turning to AI based interviews to automate its hiring processes.
Time and Cost Efficient
With the BFSI industry experiencing rapid growth and constant hiring, the need for efficient recruitment processes is paramount. AI interviews offer a solution to this challenge. By leveraging AI-based interviews, companies can reduce their hiring time by 75% and cut hiring costs by up to 80%. This not only accelerates the interview process but also standardizes it, making it a cost-effective and efficient solution for the BFSI industry.
Standardized Interview Process
Traditional interviews can be influenced by unconscious biases, leading to inconsistent interviews. Whereas one-way video interviews evaluate candidates based on predefined criteria, ensuring a fair and objective screening process. This consistency strengthens diversity and inclusion initiatives within BFSI organizations and promotes a fair and standard way of hiring.
Scalable Solution
As unpredictable as the BFSI sector is, having the leverage to scale is essential. One-way video interviews offer a solution where companies can efficiently handle large volumes of applicants. With the rising demand for talent in areas such as fintech, cybersecurity, and data analytics, BFSI organizations need a streamlined approach to sift through numerous resumes. AI interview platforms provide automated screening, which can help recruiters use their time and resources to prioritize other tasks.
Also Read: How AI Interviews Are Reshaping Hiring Practices in the BPO Sector?
Data-Driven Hiring
By leveraging AI interview platforms, BFSI companies can make data-driven hiring decisions. Such platforms provide data based on candidates’ responses, quality of answers, and interaction patterns. This approach helps recruiters identify top talent based on specific job criteria. Having a data-backed approach promotes an objective hiring process and reduces the risk of hiring errors.
Summing Up
AI-powered interviews are revolutionizing various sectors, and BFSI is one of them. From data-driven hiring decisions, time and cost efficiency, standardized interview process, and scalability; AI interviews offer all. By turning to AI interview platforms, banking, insurance, and finance companies can transform their hiring process as well as improve the quality of their hires.
By working together, humans and AI can leverage one another’s advantages, making AI an important tool in banking and finance. Together, they can shape the banking and financial services sectors’ AI-powered future in a more accountable and productive way.
Sources- https://www.allianceinternational.co.in/how-ai-automation-transforming-finance-recruitment-agencies/#:~:text=AI%20and%20automation%20are%20being,automation%20in%20talent%20acquisition%20management%3F
Frequently Asked Questions
Ans: AI interviews are advanced technology that uses artificial intelligence to conduct the initial rounds of interviews. An AI Bot like IncBot conducts interviews, which recruiters can later assess.
Ans: AI is used in multiple aspects of the recruitment process. From creating JDs to scoring resumes, from scheduling interviews to conducting interviews and generating feedback reports, AI is involved in every step.
Ans: Yes, the BFSI sector is expected to be the third largest by 2025, and India’s finance sector is projected to have a market volume of US$18.75 million by 2027.
