Advances in artificial intelligence and automation could replace as many as half the nation’s financial services workers over the next decade, industry experts say, but it’s going to take a big investment to make that happen.
https://www.mercurynews.com/2018/04/20/artificial-intelligence-will-wipe-out-half-the-banking-jobs-in-a-decade-experts-say/
not AI. Humans working in the bank will be the trigger or cause of it.
The vast majority of managers can be automated with a simple switch statement.
switch(SKILL-LEVEL)
{
case COMPETENT: {...props; 0/1}; break;
case INCOMPETENT: {...props; 1/0}; brake;
default: {'what's the status?'}
}
It’s pretty universally accepted AI will take over most of the automation jobs, but what AI can’t do is the auditing/checkup of AI themselves. That’s where new jobs would be created
The management hierarchy could never be automated so a huge saving will always be missed. Until management is reduced and rationalized into something efficient and meaningful nothing of any real consequence will be achieved no matter how much is spent.
true, not necessarily that they are too cheap, but the costs to automate are extremely high, we for years tried to automate processess in my team, but kept getting pushed out due to competing prioroties, new leadership etc, as
This applies to most jobs.. not just banking. Better hope for universal basic income ..
I worked on a project recently to automate excel work flows. The goal is to reduce staffing costs, eliminate human error and subjectivity. Unfortunately, the subject of this thread is 100% true!
Management jobs will be spared
Don’t be silly BAC will never make the investment to be truly automated...too cheap