Today: Jun 23, 2024

Banking jobs beware, AI is taking over various roles swiftly.

1 min read

This article discusses the impact of artificial intelligence (AI) on jobs in the banking sector. The author highlights that AI is expected to replace entry-level analysts, call center workers, and other similar positions in the industry. However, senior managers are likely to remain untouched by these changes. The banking sector has been actively adopting AI-driven technologies, particularly in areas like credit scoring and electronic document management. The market size of generative AI in banking and finance is projected to grow from $244 million in 2023 to $324 million by the end of 2024 in the US. Despite high expectations, the article suggests that significant changes due to AI technologies might not be realized in the near future. Key areas where AI can have a favorable impact include credit scoring and electronic document management. The article also mentions the ongoing replacement of human personnel with AI agents in call centers, which has the potential to reduce costs and improve customer service. However, it acknowledges the need for robots to engage in a more humanlike manner to prevent customer irritability. In terms of job restructuring, lower-tier personnel are likely to be partially replaced by AI in the future. The article concludes by highlighting the industry’s focus on client-centricity, which may require banks to optimize costs by reconsidering staff efficiency.