Bank Uses AI To Screen Job Applicants
A Singapore bank is reported to be using an AI-based system to make savings in the process of recruitment by automating the pre-screening of job applicants.
The new AI screening platform, Jobs Intelligence Maestro (JIM) has been part of a pilot scheme that has been running at the DBS bank in Singapore since April.
JIM has been developed by Singapore start-up Impress.AI and DBS’ Talent Acquisition team, and has been used to support staff in the sometimes lengthy process of reviewing CVs, collecting responses to pre-screening questions, and conducting psychometric tests.
The main reason for the development of JIM is to save man-hours, to lighten the workload of the bank’s recruiters, and to enable the recruitment process to fit in more easily with the schedules of candidates who may be busy in normal office hours.
Wealth-Management Planning Roles
The AI system is intended to be used for screening candidates for wealth management planning roles in the bank in its main markets of Hong Kong, China, Taiwan, Indonesia and India. This will enable the bank to meet its target of target 40% growth in staff advising its high net worth customers.
JIM will also be used in other ‘high-volume’ roles within the bank, such as the bank’s management associate and graduate associate programmes, where more than 7,000 candidates can apply for 20 just roles.
What Does This Mean For Your Business?
Up until now, banks have made the news for using AI bots to make savings in the customer service side of the business. Once again, but in a different role, AI is being deployed to essentially make savings in man-hours, and to enable the 24-hour provision of a service.
JIM the AI program is being used in a supporting, time-saving, pre-screening role, and it is in these types of roles that AI is making in-roads into the world of business, and providing cost savings for those companies / organisations that can afford to and need to deploy them to add real value areas of their business e.g. for high-volume, intelligent processing work.
Automation using AI-based systems is likely to be an increasing trend, and back in 2017 the EU even voted to give a Bill of Rights to ‘robots’ that will give them “electronic personhood” status in the eyes of the Law in anticipation of a new kind of industrial robot revolution.