AI impact on banking: 2 lakh employees could lose jobs to Automation

Banking jobs are often considered secure. Many believe that job cuts happen in sectors like IT, but banking remains unaffected. However, a recent survey reveals a different reality.

Many consider bank jobs comfortable, especially with second Saturdays and Sundays off. News of potential two-day weekends further fuels this perception.

Amidst the excitement about two-day weekends, bad news worries bank employees. Read on to uncover the alarming survey findings.

A Bloomberg Intelligence survey reveals a potential loss of 200,000 banking jobs globally in the next 3-5 years. Routine roles are most at risk due to Artificial Intelligence.

Banking jobs under threat

Back office, middle office, and operations roles are particularly vulnerable to AI replacement, according to the survey.

Changes in Customer Service

Customer service faces significant changes. AI is poised to handle tasks like KYC verification, jeopardizing related jobs.

Transformations in Banking

The banking sector has undergone significant transformations in recent years, with increasing IT integration and technology adoption.

Bloomberg Intelligence Survey

Bloomberg Intelligence recently surveyed leading IT companies, revealing insights into the banking sector's future.

AI in Banking

The survey predicts 200,000 banking job losses in 3-4 years, replaced by AI. Repetitive roles are most vulnerable.

While AI won't replace all jobs, it will reshape the workforce. The banking sector faces a revolution in the coming years.