IIM Kashipur NavYug 2026: AI Could Cut Costs and Boost Revenue, But One Challenge Remains

IIM Kashipur NavYug 2026 conclave explored AI, skill-based hiring and risk management in BFSI, highlighting why human judgement and governance will remain crucial.

Indian Institute of Management (IIM) Kashipur held its annual sectoral conclave 'NavYug 2026: Reinventing BFSI' on September 5, where experts from various BFSI sectors came forward to share their views on how artificial intelligence (AI), workforces, and risk strategies are revolutionizing the BFSI sector.

AI-powered Workforce is the Centerpiece of the Conclave

This conclave highlighted two major aspects of the BFSI industry, i.e., developing a skill-based and AI-powered workforce and introducing AI in financial organizations while not compromising on human decision-making or risk management capabilities.

In the opening session, titled 'The Financial Professional Reimagined,' the focus was on the transformation caused by automation in terms of leadership and HR practices in BFSI sector organizations. This session was moderated by Dr Gurveer Singh Jaswal, Associate Professor of Practice (Strategy) at IIM Kashipur.

AI Can Make Work Faster, but Humans Cannot Be Ignored

The experts mentioned that AI will help the firms in doing analysis faster, as work taking around eight hours through data analysis can be done in around 15 minutes using AI technology.

However, the experts stated that speed doesn’t mean that there is no need for humans, as humans play a very important role in their critical analysis, analysis and decision making.

Shift in Hiring Policy From Degree-Based to Skill-Based

HR experts from various firms, like Axis Bank, Anand Rathi Wealth, Credit Saison, Axis Max Life Insurance, and RBL Bank, among others, gave an overview of the changing trend in the hiring process.

As per the discussions, firms in BFSI sector are now shifting from hiring based on degree to hiring based on skills, besides specialisation in areas like treasury, actuarial and underwriting among others.

Risks Involved in AI Systems and Necessity of Human Intervention

Second, in 'The Intelligent Financial Enterprise,' there was discussion on enterprise transformation, strategy, credit risks and digital scalability. The senior executives representing Lendingkart, ACKO Insurance, Bajaj Finserv, Apollo Global Management and DBS Bank shared their views.

There were also discussions on risks involved in the reliance on similar AI and historical data sets. In case if systems are too much dependent on past patterns, there may be a repetition of any bias present in those patterns.

AI and Humans Together as the Future Trend

It was recommended by experts that AI and Large Language Models should be used for routine works whereas important decisions regarding approvals and frauds should be taken by humans.

They also emphasized that even today the financial institutions are finding it difficult to convert vast unstructured data into useful information. In the next two to three years, AI can make a huge contribution in reducing cost and increasing revenues.

Interactive session among students and industry experts marked the end of conclave. It strengthened the link between IIM Kashipur and BFSI sector.