Banking on AI

Published on Apr 17, 2018

Banking on AI

Financial Times banking on AI(artificial intelligence) discusses Former Citigroup chief Vikram Pandit and other statements that predict up to 30 per cent of banking jobs could be wiped out by AI in five years. Mizuho Financial Group in Japan says it will use AI to replace 19,000 people by 2027 — about a third of its workforce.

That is the hype. The reality is much more complicated. A Financial Times survey of 30 leading banks’ use of AI revealed an industry excited about the prospects of a technology that can help cut costs and boost returns. One bank even predicted that 50-70 per cent of jobs could be replaced.

Yet not only is there little consensus on how AI should be used in banking, many of the current efforts to apply machine learning are modest. Rather than racing towards an AI-enabled future, the industry is feeling its way forward.

FT's banking on AI

Financial Times article.

Forbes article on AI job replacement.

Nasa (National Aeronautics and Space Administration) say it’s not about losing your job its about evolving your own role and keep learning to improve yourself.

It’s a strategy you have to follow in your own career. For example, I’ve spent years teaching sales teams the best ways to write impactful emails to prospects and clients. Now, there are new technologies creating excellent, customized emails for you in no time.

So I’ve had to ask myself: What’s the role for me in this? Be the guy who reviews the emails before they go out.

tags #insurance #claims #artificalintelligence #AI #machinelearning

Posted in Business Technology on Apr 17, 2018