Jobs in Banking Sector: 2 lakh jobs will be lost in the banking sector in five years. Due to the increasing impact of Artificial Intelligence (AI), up to 2 lakh jobs in global banks may be lost in the next three to five years. This information has come to light in a recent report by Bloomberg Intelligence (BI). According to the report, according to the survey of key information and technology executives, an average workforce reduction of 3 percent is estimated.
Which roles are at risk?
Tomasz Noetzel, senior researcher at BI and author of the report, said that jobs in departments such as back office, middle office and operations will be most affected. Additionally, changes are also expected in customer service, where AI-driven bots can handle customer interactions and responsibilities like know-your-customer (KYC).
What does the expert’s estimate say?
Noetzel said any jobs that involve routine and repetitive tasks are at risk because of AI. However, AI will not eliminate jobs completely but will cause changes in the workforce. This advancement of AI will be helpful in increasing efficiency in the banking sector. But due to this, the jobs of common people may be affected on a large scale.