Jobs in Banking Sector: 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 reduction of 3 percent of the workforce is expected.
Which roles are at risk?
Tomaz 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. Apart from this, changes are also expected in customer service, where AI-driven bots can handle responsibilities such as interaction with customers and know-your-customer (KYC).
What does the expert estimate 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.
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