AI 'threatens' 200,000 banking jobs - New technology will boost productivity and revenue
According to the latest study, global banks could cut up to 200,000 jobs in the next five years due to artificial intelligence. Also, innovative technology tools will increase the productivity and income of banking institutions.
Global banks are expected to cut up to 200,000 jobs in the next three to five years as artificial intelligence threatens some tasks currently performed by humans. Chief information and technology executives indicated they expect an average of 3% of the net workforce to be cut, according to the Bloomberg Intelligence report.
Customer services may change as robots can manage these functions, “Any job that involves routine and repetitive tasks is at risk. But artificial intelligence will not eliminate them completely, on the contrary, it will lead to the transformation of the workforce," the report's authors point out. Nearly a quarter of respondents predict a larger decline of 5-10% in the total number of employees.
The data points to broad changes in the industry, bringing increased profits. By 2027, banks could see profits 12% to 17% higher, adding up to $180 billion in combined revenue, as technology powers productivity. 80% of respondents expect generative AI to increase revenue generation by at least 5% in the next three to five years.
Banks, which have spent years modernizing their systems to speed up processes and cut costs, are focusing on the new generation of artificial intelligence tools to increase productivity.
Analysts say technology is expected to displace more jobs in the banking industry than in any other sector. About 54% of banking jobs have a high potential to be automated, they point out.
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