AI Will Wipe Out Half the Banking Jobs in a Decade, Experts Say

Megalith

Megalith

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Despite the investments required for supercomputers and hardware upgrades, senior banking executives seem adamant on transitioning to artificial intelligence-based services, signaling the potential loss of numerous jobs that include automated customer support, fraud detection, and predictive analysis.

Speaking to an audience last year in Frankfurt, Germany, Deutsche Bank CEO John Cryan predicted a “bonfire” of industry jobs as automation moves forward. “In our bank we have people doing work like robots,” he said. “Tomorrow we will have robots behaving like people. It doesn’t matter if we as a bank will participate in these changes or not, it is going to happen.”
 
actually the robot will probably do better job with the customer service because they don't have to deal with human issues.

- I got into a fight with my partner before I came to work so i'm going to be rude to you
- i'm tired so will be rude
- my boss gave me a shitty review rude
- its that time of the month rude
- i'm getting audited by the IRS for bitcoins rude
- my coworker is better looking than me and gets all the perks at work rude
- I had a shitty childhood and hate the world rude
- cop gave me a ticket before I got in rude
- I have a stomachache rude
- i'm sick and don't want to be here rude.

etc etc etc
 
Makaveli@BETA said:
actually the robot will probably do better job with the customer service because they don't have to deal with human issues.

- I got a fight with my parnter before I came to work so i'm going to be rude to you
- i'm tired so will be rude
- my boss gave me a shitty review rude
- its that time of the month rude
- i'm getting audited by the IRS for bitcoins rude
- my coworker is better looking than me and gets all the perks at work rude
- I had a shitty childhood and hate the world rude
- cop gave me a ticket before I got in rude
- I have a stomachache rude
- i'm sick and don't want to be here rude.

etc etc etc
Click to expand...
Press 0 for a representative.... 'good bye'.
 
“Tomorrow we will have robots behaving like people."

I didn't get the same upgrade as 10001001. rude
My power stream sucks today. rude
My personality routine has a virus. rude
The network is congested. rude

The more things change, the more they stay the same.
 
I hate AI. It's not going to get better if people are programming it to be more like people. People are idiots and so is AI built by idiots. Just try any automated telephone system or voice recognition or hell search Google and see how accurate it is at complex questions. Not in my lifetime.
 
It is not just banking, in the next few decades we will see a lot of people replaced by AI.

AI that knows every law, every precedent, will become, at first, an aid to, then a replacement for, lawyers, and then judges, for instance.
AI is very well suited to administrative positions as well.


obligatory "skynet", and, "this has happened b4, this will happen again."
 
Having worked in payment systems my entire career, I'd love to see how AI could possibly wipe out my job. As long as these systems are human-made, it will be flawed. Things don't always function as designed.
 
Wait until AI are writing the software and coming up with the systems. AI will be to "professional" workers what robotics and automation have been to the manufacturing laborer and the farmer for a very long time.
 
Hagrid said:
I don't know about that. AI might be better at customer service than a person.
Click to expand...

It could be, but likely won't be because the people who program it aren't in tune with what actually happens on the phone. If you've ever tried to call Microsoft, Google, PayPal, etc their CS is pretty bad. PayPal in particular was clearly designed to never get you to a rep if they didn't have a canned response for your problem. There is no "press 0" for rep, it's literally here is your 3 options, okay we for sure solved your problem, now go to the main menu. I'd expect banks to just follow that route, and their system will just suck beyond belief. I'm all for using automated systems to try to weed out of the obvious issues, but most places take it too far.
 
People thought the same thing with automated telephone lines (press 1 for x) or "It sounds like you would like to pay a bill" type of automation. We all know how well those went over. Do you really think were anywhere close to something half-way decent? I don't.
 
Most white collar jobs will be gone in 15-20 years.

Practical trades might survive.
 
Cyraxx said:
People thought the same thing with automated telephone lines (press 1 for x) or "It sounds like you would like to pay a bill" type of automation. We all know how well those went over. Do you really think were anywhere close to something half-way decent? I don't.
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Being able to get your motor claim settled etc. in 10 seconds would be a boon for most people.

I haven't dealt with a bank teller/cashier for about 4 years now.
 
This doesn't surprise me at all. Now that they have ATMs that can dispense everything to 1$ bills, I never go to a teller anymore.
I am more worried about all the "new" jobs. Yes, we are talking crap like Uber, delivering for Amazon and the gig economy that maybe, if you work hard enough you can make minimum wage.
 
Cyraxx said:
People thought the same thing with automated telephone lines (press 1 for x) or "It sounds like you would like to pay a bill" type of automation. We all know how well those went over. Do you really think were anywhere close to something half-way decent? I don't.
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It went over like shit, but we still get, (press 1 for x, 2 for y, 3 for z, and 4 to repeat this menu), and someone that used to answer the phone is out of a job. I am not defending or attacking the practice, just pointing out the obvious, those jobs are going to change, or go away due to AI/Automation/Other tech advances. If not in a decade, then prolly in the decade after that. Especially if the banks continue to throw money at it.

Tech advances change the nature of some peoples jobs, eliminate others, and create yet others. It has been the way of it pretty much forever.
 
They'll also get rid of (most of) their lawyers...much better to have expert legal software watching you 24/7 (minus maintenance downtime).
 
This is why basic income needs to be a reality in some form. That or we are in for war.
 
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War will likely cost less and therefore happen. May not be like we see it now, but some form of it yea. UBI will be pointless, mostly because no one sane enough will pay for it, and it will collapse under its own weight. For the average joe, this will be one hell of a shitstorm. Imagine the entire US unemployed by AI, lol. This shit is insane.

One thing that will need to be addressed is the current wealth distribution or lack thereof. So, the rich sonsabiches got to make and hoard their cash, and now, they're slamming the door shut on any present and future generations because AI? Imagine anyone trying to start a business and provide for a family, or taking care of older folks on a shitty UBI - that will be global socialism- maybe neo communism. Nah, sell that bridge somewhere else.
 
Nunu said:
War will likely cost less and therefore happen. May not be like we see it now, but some form of it yea. UBI will be pointless, mostly because no one sane enough will pay for it, and it will collapse under its own weight. For the average joe, this will be one hell of a shitstorm. Imagine the entire US unemployed by AI, lol. This shit is insane.

One thing that will need to be addressed is the current wealth distribution or lack thereof. So, the rich sonsabiches got to make and hoard their cash, and now, they're slamming the door shut on any present and future generations because AI? Imagine anyone trying to start a business and provide for a family, or taking care of older folks on a shitty UBI - that will be global socialism- maybe neo communism. Nah, sell that bridge somewhere else.
Click to expand...


Essentially what the establishment (and to a degree most of us) have to finally admit is that our current world economy (basically 1% sucks up all the money in the consumer economy till all the consumers have none left) is unworkable going forward.

The problem is the 1% doesn't want to give that money back. So either the 99% starves or the 99% ignores the 1% and makes them irrelevant and does their own thing.

Why do you think the establishment has setup all the ways to monitor and control us? The media and internet is set to keep the 99% arguing amongst ourselves as distraction. Laws coming in taking away our rights to protest and free speech (if you think the Bill of Rights will save you you are very wrong). They need to have the 99% under tight control so they won't get put up against a school wall and shot while looking for the helicopters from their private security team to save them.

The scary thing is how so many of the 99% want to defend the 1%'s right to essentially kill them off. That's the plan working just fine. The whole "American Dream" is a lie pushed out by the 1% that mostly inherited their wealth.

Things will have to change big time.
 
Looking forward to Banking A.I. enacting Terminations of Employment for attempting acts that are unethical and irresponsible in regards to account holder assets. Trump cut back on regulations that held Employees/Institutions accountable for playing fast & loose with investor assets.. that would help swing the pendulum back in the right direction.
 
HA more like:

Ten minutes after getting through the 20 layer phone menu, you hear "Transferring you to a representative now..." You think, YES FINALLY I CAN TALK TO A PERSON!"

Then you hear: "I'm sorry [customer name], but I'm afraid that's something I cannot allow to happen."
 
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daglesj said:
Most white collar jobs will be gone in 15-20 years.

Practical trades might survive.
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When a machine is capable of designing, manufacturing, and assembeling a machine more complex than it's self; it will not be for the benefit of mortal beings.
 
exiled350 said:
When a machine is capable of designing, manufacturing, and assembeling a machine more complex than it's self; it will not be for the benefit of mortal beings.
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That depends on who is behind the machine. If it's truly AI I don't see it having the impetus to destroy us, true AI will both trancend and find value in the human experience.
 
Makaveli@BETA said:
actually the robot will probably do better job with the customer service because they don't have to deal with human issues.
Click to expand...

Yes and no. They will offer an improved service for the kinds of problems they are a good fit for, and everything else will get worse unless there is an alternative path.

If you are optimist, you can see AI eliminating the voice menu, making the automated stuff quicker than ever, and if that's not a fix for you, getting you to a human faster. If you are an optimist. It still probably means less jobs than before, and those jobs are going to require more problem solving skills.
 
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