Last Updated on Dec 20, 2019 by James W
The rise of artificial intelligence in the modern world is affecting more than just the way was our communication, how we buy products and services from businesses, and how we gain access to customer support. Employment opportunities are also being reshaped – with both good and bad factors to be taken into consideration.
The biggest issue among employees in regards to the implementation of artificial intelligence in the business world is the fact that AI is taking over their jobs. Many tasks in the workplace that once relied on the input from a real human can now be solely handled by artificial intelligence technology. According to one recent publication, experts have estimated that about 50% of all banking jobs will be replaced by AI-driven applications and technology within the next ten years.
The Impact of AI on Banking Jobs
Both the good and the bad should really be considered when it comes to looking at how artificial intelligence is going to affect banking jobs.
Yes, AI considered a factor that is slowly becoming a threat to the careers of many people all around the world. Banks are increasingly starting to take advantage of the powerful features that come with artificial intelligence technology.
Banks, on the other hand, may benefit greatly. When financial institutions turn to artificial intelligence, they save costs, which mean they may ultimately be able to deliver a better experience to their customers, at a lower cost to both the bank and the customer.
An Arkansas bank, known a the First National Bank of Wynne, recently reported a 70% reduction in the amount it costs them to convert leads into customers after they adopted a strategy that relied on artificial intelligent chat bots to deal with customers interested in their services.
Ceba, an AI-driven chat bot developed by the Commonwealth Bank of Australia, is able to handle 200 tasks at the same time. Additionally, the chat bot is able to quickly analyze over 500,000 banking activities that a customer might want information on or perform, in order to provide the client with an accurate response and help them in real-time, without the need for a human operator at the other side of the chat.
While these chat bots are beneficial and very advanced, they are not replacing all human consultants at banks. There are times where a query from a customer may be too advanced an the chat bot might not be able to calculate the correct response. In such cases, the client is passed to a human staff member for further assistance.
With AI taking over in the banking industry among banks like FAB bank that are keeping up with the latest advancements, many employees now fear that their positions will soon be in jeopardy. While the technology is certainly offering a way to replace human workers in many areas, there are still many departments where human input is still needed, even with the current advancements in artificial intelligent technology. At the moment, AI has not yet considered a real threat to the employment sector, but rather an aid that helps employees get their work done faster and more efficiently.