Banking Sector Jobs Finish: Due to the increasing influence of Artificial Intelligence (AI), up to 2 lakh jobs may be lost in global banks in the next three to five years. This information has come to light in a recent report by Bloomberg Intelligence (BI)
Banking Sector Jobs Finish: 2 lakh jobs will be lost in the banking sector in five years. Due to the increasing influence of Artificial Intelligence (AI), up to 2 lakh jobs may be lost in global banks 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 a survey of chief information and technology officers, an average of 3 percent workforce reduction is expected.
Which roles are at risk?
Tomaz Noetzel, senior researcher at BI and author of the report, said that jobs in departments like back office, middle office and operations will be most affected. Apart from this, changes are also expected in customer service, where AI-driven bots can handle responsibilities like interaction with customers and Know-Your-Customer (KYC).
What do experts say?
Noetzel said that any job that involves routine and repetitive work is at risk due to AI. However, AI will not completely eliminate jobs but will cause changes in the workforce. This progress of AI will be helpful in increasing efficiency in the banking sector. But due to this, jobs of common people can be affected on a large scale.
Most Read Articles:
- Hydrogen Train: Big news! India’s first Hydrogen train will run in this state, know the details
- Income Tax: Those earning more than 10 lakhs may get relief, different tax slabs and increase in standard deduction is possible
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
