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Banks to Use AI for Performance Reviews

Banks to Use AI for Performance Reviews

by Starling Insights

Starling Insights Editorial Board

Dec 12, 2023


Workday, one of the world's largest HR software providers, is introducing AI-driven products to assist banks in streamlining the annual review process. These tools use generative AI to automate tasks such as writing job descriptions and evaluating employee performance to enhance efficiency and reduce costs for financial institutions.

The performance appraisal process has long been derided as time-consuming, and many HR executives consider it an ineffective use of managers' time. "You have 100 employees and it takes seven hours to write a job description, so 700 hours, now it takes two minutes," said Workday co-CEO Carl Eschenbach in an interview with Bloomberg. "There's quantifiable impact you can have through the use of AI."

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