Artificial intelligence will replace more than 200 thousand people in the banking sector. Employees: Bloomberg
Global banks plan to cut up to 200,000 jobs over the next three to five years as artificial intelligence begins to take over tasks previously assigned to humans. About this informs Bloomberg agency.
A survey of CIOs indicates that the average expected staff reduction will be about 3%. Employees of the back office, middle office and operational departments were most at risk.
Artificial intelligence can also transform customer service and know-your-customer tasks. Functions involving routine and repetitive tasks will be replaced by bots, but this does not mean the complete elimination of the human factor.
Banks, which in recent years have modernized their IT systems to reduce costs and speed up processes after the financial crisis, are actively implementing a new generation of AI tools. The banking sector has the highest potential for automation, with about 54% of jobs in the industry susceptible to automation. These changes are expected to not only reduce costs, but also increase revenues as AI drives greater operational efficiency.
