AI will eliminate thousands of Bank jobs in the coming years as the boom in Artificial Intelligence (AI) advancements and innovations may cause replacement of bankers with the social robots in the coming years.
A few leading banks in the US such as JPMorgan, Goldman Sachs and Morgan Stanley, are already experimenting with various AI applications including financial forecast, fraud detection and customer support.
AI is also being applied to assist financial planners to predict value of shares, or potential financial sectors.
AI has progressed by leaps and bounds in the last decade and if this pace continues it is expected that AI will assist in financial services, such as data entry, customer support, fraud detection, and document processing.
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This automation, it added, “improves efficiency, reduces errors, and allows employees to focus on more complex and value-added activities”.
In modern banking, AI can enhancing the customer experience with the help of modern AI-powered chatbots and virtual assistants to provide the customers with answering inquiries and handling routine transactions.
Banking sector is facing problems like inaccurate financial risk assessment and fraud detection for the last many decades and again AI is the solution to reduce and minimize such incidents.
AI can be highly affective in analysing large volumes of financial data to identify outliers and anomalies that may hind fraudulent activities.
Another section in banks that can be upgraded and enhanced with the help of AI is loan assessments of AI. AI assisted applications can be used to reduce or even eliminate the need for loan assessment officers in the banks.
When a case to comply with the regulatory obligations comes, AI is again the solution and AI ca provide and ensure the strict compliance of the obligations.
According to the experts, Banking is one of the business sectors that will be highly affected where AI will wipe out jobs in higher number.
On the other hand, to meet the modern needs and to match with the pace of modern enterprises, the bank bosses will have to shift over AI technologies to boost productivity of the banks and to lower the operating costs.
Above all, AI assisted robots can efficiently analyze customers’ financial data and provide insights and recommendations on budgeting, saving, and financial planning, empowering customers to make better financial decisions.
