At present almost every industry concerns about the
implementation of AI from various aspects. They believe Artificial Intelligent
as the solution to face modern business competition. Therefor banking industry
has also highly concern about the implementation of AI presently. As a result,
the employees of banking industry begin to suspect that their jobs might be
replaced by AI. Even though Implementing AI is not that simple, this fear is
not totally unsupported. In past decades the demand for bank staff has been
decreased by the digitalization process in the banking industry (Marria, 2018).
World’s
leading financial institutes, such as J.P. Morgan, National Bank of Wynne have
already begun to use AI-powered chatbots and virtual assistants for inputting
customer information and anticipating customers’ future needs, etc (Marria,
2018). Besides that banks also use AI to identify suspicious activities or
money laundering activities. “It’s a matter of thinking of what kinds of
manual, time-consuming processes do we have today and how can we automate
them?” Green said.
According
to the penny Crosman, by 2030, roughly about one trillion USD will be devoted
to developing AI implementations in the United States financial services
industry and 450 million USD of this would in the banking sector. as a result
1.2 million people working in the banking sector and lending will be replaced
by Artificial Intelligent software by 2030 (Crosman, 2018).but some bankers
believe that only uninteresting parts of duties like data entry and filling out
Applications will fade and Employees will be able to concern on more interesting
objects and that no actual jobs will be lost (Crosman, 2018).
References
Crosman, P., 2018. www.americanbanker.com. [Online]
Available at: https://www.americanbanker.com/news/how-artificial-intelligence-is-reshaping-jobs-in-banking
[Accessed 20 May 2019].
Available at: https://www.americanbanker.com/news/how-artificial-intelligence-is-reshaping-jobs-in-banking
[Accessed 20 May 2019].
Marria, V.,
2018. www.forbes.com. [Online]
Available at: https://www.forbes.com/sites/vishalmarria/2018/09/26/is-artificial-intelligence-replacing-jobs-in-banking/#76ee2edc3c55
[Accessed 20 May 2019].
Available at: https://www.forbes.com/sites/vishalmarria/2018/09/26/is-artificial-intelligence-replacing-jobs-in-banking/#76ee2edc3c55
[Accessed 20 May 2019].
Banks usually provide their products and services combined with technology.this ai related technological development will definitely benifits the fast and convenient banking
ReplyDeleteAi in banking sector is a new idea to consider.in sri lankan context it limited to online banking.further development of technology is critical to fulfill customer needs
ReplyDeleteBanking is one of the fastest changing industries with technology. Nowadays customers can do most of the banking even without visiting a branch. Most of the monetary transactions are happening online. Introducing AI will definitely will make a significant change in banki
ReplyDelete