Experts Expect Artificial Intelligence Will Wipe Out More Than 50% of Jobs in Banking Area

Artificial Intelligence & Automation: According to the experts advancement in the Artificial Intelligence and Automation will wipe out more than the 50 percent of the jobs in the financial sectors in the very next 10 years from now.

However, it will take some huge investments to achieve Automation at that scale.

• James D’Arezzo, CEO of Condusiv Technologies Said: “Unless banks deal with the performance issues that Artificial Intelligence (AI) will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive,” James D’Arezzo Said.

James D’Arezzo also thinks awhile the hardware upgrades often will solve these issues this comes sometimes inordinate expense with Tokyo Institute of Technology Global Scientific and Computing Centre as an example to this.

The centre on edge to developing a Super Computer to meet the demands of the Artificial Intelligence (AI) and big data applications.

At the current situation the cost of hardware, it would almost take around $50 – $100 Million Dollars to build the Super Computer.

John Cryan, CEO of Deutsche Bank Said: “In our Bank we have people doing work like robots,” he said, “Tomorrow we will have robots behaving like people. It does not matter if we as a bank will participate in these changes or not, it is going to happen.”

The current improvements in the processing power and the cloud based technologies will help to automate the task that was once said to be impossible.

D’Arezzo who is currently doing work at the financial sector to improve the performance of these applications said: “It’s an explosion of data, and then you have AI on the other side which increases that information load,” he said. “This puts a major stress on the ability of the financial industry to process all of that data. That industry is spending more on IT than any other industry, including healthcare and manufacturing.”

Some of the possible uses of Artificial Intelligence (AI) in banking is automated customer support, fraud detection, claims management, insurance management, automated virtual financial assistants and predictive analysis for customers with low net worth.

Bhagwan Chowdhry, One of the professor of finance and economics at UCLA says that while technology may eliminate some jobs which require less thinking humans will be assigned to jobs they are better at doing.

 

Source: The Mercury News