Recent reports from Bloomberg Intelligence highlight a significant trend within the global banking sector: a potential reduction of up to 200,000 jobs over the next three to five years.
As artificial intelligence technology continues to evolve, various roles within banks may face significant transformation.
According to a survey conducted among chief information and technology officers, banks anticipate an average workforce reduction of approximately 3%.
The roles most at risk include those in back office, middle office, and operational positions.
These areas are increasingly susceptible to automation, as AI systems become capable of performing tasks traditionally carried out by human employees.
Notably, customer service roles could also see substantial changes, with artificial intelligence solutions managing various client interactions.
Moreover, functions associated with know-your-customer (KYC) processes may be vulnerable as well.
Tomaz Noetzel, a senior analyst at Bloomberg Intelligence, emphasizes that jobs involving routine and repetitive tasks are particularly at risk. However, he also states that AI will not lead to complete job elimination; instead, it will catalyze a transformation in the workforce.
In conclusion, while the rise of AI presents challenges for job security within the banking sector, it also offers opportunities for roles to evolve.
Financial institutions must prepare for this anticipated shift and consider how to leverage technology for efficiency while supporting their workforce during this transition.