Home NEWS Robots to end millions of jobs in banking in the next decade

Robots to end millions of jobs in banking in the next decade

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Robots to end millions of jobs in banking in the next decade

Bank jobs are some of the most sought after in the world as they are some of the rare cases where many of the existing jobs do not require so many qualifications and pay good salaries. But these vacancies may end up disappearing much faster than we imagine.

According to a study by British market analyst IHS Markit, millions of jobs in the banking sector are expected to disappear over the next 10 years, and about 1.3 million workers in the United States alone will see their current job positions fade away. map. This will happen because the evolution of AI systems will allow the automation of virtually all sectors of a bank.

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And the biggest reason for banks to bet on automating these services is to increase revenue. According to a 2018 study by the consulting firm Capgemini, by intelligently automating the sectors that are already possible to be occupied by robots, it is possible to increase by up to $ 512 billion the revenue of the entire banking sector in the world in 2020.

And, by the way, this is a bet that banks are already investing: according to a detailed study done by Business Insider Intelligence, some banks are already using AI solutions to automate processes, predict problems in the operation and even make the tasks. The study also revealed that JP Morgan is “cleaning up” its databases to make room for machine learning routines, and Jamie Forese, president of Citigroup, revealed that around 10,000 bank employees of the group will be replaced by robots in the next five years.

Already Laura Barrowman, CTO of Swiss investment bank Credit Suisse, revealed that the company works with the qualification and training of employees who had their jobs occupied by robots. During the World Economic Forum earlier this year, Barrowman revealed that such training of those who have lost their jobs is important even for the bank itself, as automation generates specific demands by qualified people with certain knowledge and skills that are still rare in the marketplace.

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