Social Media Sidebar


Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

When seen through the lens of technology, few resources are truly scarce; they’re mainly inaccessible. 


Peter Diamandis

Banking sector will be ground zero for job losses from AI and robotics

Posted in Business on 12th Sep, 2017 06:07 PM by Alex Muller

Deutsche Bank CEO John Cryan has predicted a bonfire of industry jobs as automation takes hold across the finance sector. Every signal is that he will be proved right very soon. Those roles in finance where the knowledge required is systematic will soon disappear.


And it will happen irrespective of how high a level, how highly trained or how experienced the human equivalent may currently be. Regular and repetitive tasks at all levels of an organisation already do not need to be done by humans. The more a job is solely or largely composed of these routines the higher the risk of being replaced by computing power.

The warning signs have been out there for a number of years as enthusiastic reports about artificial intelligence have been tempered with fears about significant job losses in most sectors of the economy.
Many roles have already all but disappeared in the march towards a fully digital economy. Older readers may recall typesetters, typists, and increasingly, switchboard operators and back room postal workers, as work of the last century. And the changing nature of work is relentless.
The finance sector was once driven by human judgement and decision making. But slowly, it has changed. One-to-one conversations with your local bank manager were replaced by scripted call centre interactions during the 1990s. Today, increased processing power, massive cloud storage, strong encryption and an increase in the use of blockchain make possible tasks that had previously been seen as too complex for automation to be done quickly and consistently without any human intervention.
Artificial intelligence reduces the need for human work that requires analysis, consistent applications of decisions and judgement calls. These are pivotal actions for many legal and financial activities. Combined, in the background, with blockchain – essentially a publicly shared automated ledger of agreed contracts – arrangements that require some form of trust between two parties will also be able to be completed with little or no human intervention.
Blockchain is the basis of every cryptocurrency – forms of money exchanged online. Banks are slowly working towards ways of embracing these alternative systems. While alternative forms of money attract popular headlines it is the automation behind the scenes that is most compelling aspect for the finance sector. By removing the influence of human decision making from as many processes as possible, a fully digital supply chain can be created. As artificial intelligence learns more about the impact and influence of every process each time it happens, a bank’s efficiency should continuously improve, and profits increase, with fewer and fewer employees.
In this atmosphere of change to the world of work in banking, however, there are some roles that will prove more resistant to change. Work that is unpredictable or inherently people-focused will survive. Customer service staff will still need to tackle the inevitably complex queries that are the product of the human mind rather than the outcome of algorithms. AI will deal with most enquiries, but will inevitably need to transfer the most cryptic to a human interlocutor. Mortgage decisions, for example, will come as an automatically generated message; more intricate questions will still require face-to-face conversations.

Tags: robotroboticsbusinesshardwaresoftwareAI

Read original article » Back to category


Author: Guest
Posted: 2017-09-13
I believe that these predictions are founded but how quickly the changes can be implemented is debatable
1 Replies
Author: Guest
Posted: 2017-09-13
We already have quite a bit shift in the financial sector including Bitcoin etc Reply


Recent headlines

  • Posted in Medicine on 2018-03-18 20:36:22
    Study suggests our biological ageing is slowing more
    Posted in Science on 2018-03-18 20:25:57
    NASA's plan to bat away Earth-bound more
    Posted in Science on 2018-03-18 20:21:05
    Nearly 7,000 New Craters Discovered On Moon By AI more
    Posted in Medicine on 2018-03-17 19:49:27
    A simple artificial heart could permanently replace more
    Posted in Software on 2018-03-16 11:03:28
    60.3% of harmful Android apps in 2017 detected more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs, more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target more

Recent Blog Posts

  • Posted by AlexMuller
    Martian landscapes formed from sand 'levitating' on a more
    Posted by AlexMuller
    Scientists detect comets outside our solar more
    Posted by AlexMuller
    Advanced artificial limbs mapped in the more
    Posted by AlexMuller
    Bacteria have a sense of more
    Posted by AlexMuller
    Recurrent brain cancer: New hope with phase 1 clinical more

Login to your Account

Login to your PlanetTech Account here

Remember me

Create a New Account

You just need username and password

The following errors occured:
Verify password:
Remember me