look news india
Impact of AI on jobs: Artificial Intelligence (AI) is now impacting every industry, the impact of which can now be seen in the financial services sector as well. As we know AI can perform many technology related tasks rapidly and accurately. Due to which many people are losing their jobs.
2 lakh jobs in danger in next 3 to 5 years!
The global bank is set to cut more than 200,000 jobs over the next 3 to 5 years, according to Bloomberg Intelligence. The survey revealed that chief information and technology officers of banks indicated that they would reduce their headcount by an average of 3%. The back office, middle office and operations areas are most at risk. Changes may also be seen in customer services.
These jobs will be most affected
AI systems can process large amounts of information rapidly and generate insights many times faster than humans. So the impact of the cuts will be greatest on back-office, middle-office and operational departments, where routine and repetitive tasks are performed. Responsibilities such as data analysis, financial trade evaluation and risk assessment may be affected, as AI systems can quickly process large amounts of information and generate insights many times faster than humans.
The biggest use of AI is in the banking sector
AI is having a greater impact on people’s jobs. Given that banks are modernizing their IT systems to reduce costs and speed up processes in the wake of the financial crisis, AI is even more useful. Even before this, some reports had come out which said that AI could eliminate more jobs in the banking industry than any other sector. About 54% of jobs in the banking sector are at risk from AI.