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Business

Banks turn to artificial intelligence to fix hiring problem

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Opening sequence

Business

Banks turn to artificial intelligence to fix hiring problem

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COMING UP:Banks turn to artificial intelligence to fix hiring problem

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00:00:00
>> Wall Street is ditching the old resume reading process and turning to artificial intelligence to help land a new crop of talent. Banks like Goldman Sachs, Morgan Stanley, Citigroup and UBS are experimenting with using the emerging technology in hiring, says Reuters's Wall Street banking correspondent Olivia Oran.>> Banks are taking a much harder look at their applicant pool.
00:00:21
Thinking out of the box about potential bankers and traders and trying to find people who maybe didn't go to the top schools, top resumes.>> These banks are turning to companies like Koru Careers to help them locate candidates that the human eye might have overlooked, looking for traits that don't always show up on paper.
00:00:42
>> Koru invites a cross-section of employees at a bank to take a test, both top performers, maybe people middle of the road. It's a multiple choice test, sorta asks behavioral questions. How would you respond if you were passed over for an industry award? How do you deal with difficult colleagues, questions like that, and they analyze the answers and they come up with what they call a fingerprint of what a top performer looks like.
00:01:10
They then compare that fingerprint against the applicant pool. They invite their applicants to take the test as well and see who might be the sort of thebest fit for the organization..>> Another firm, Hire Vue takes the process even further. Top performers at the hiring company record a video and then the software searches videos from applicants looking for similar personality traits like empathy, distress, and motivation.
00:01:38
But not everybody is a fan of using AI for hiring. Some fear diversity may be at risk if the majority of top performers at a given firm are white men, then the AI might be skewed towards traits favored by more white men. Therefore, limiting, instead of widening, the talent pool.