Reported 8 months ago
In a new report, Citigroup warns that artificial intelligence (AI) could potentially replace more than 50% of jobs in the banking sector, surpassing other industries. The report suggests that about 54% of banking jobs have the potential for automation, with an additional 12% capable of being enhanced by AI technology. While concerns about job displacement arise, Citi analysts emphasize that AI is more likely to shift roles rather than reduce overall employment, as businesses will need qualified personnel to oversee AI implementations and ensure compliance with regulations. Collaboration with tech firms to develop AI chatbots to handle customer inquiries is becoming common practice among banks, aiming to increase efficiency and save on personnel costs.
Source: YAHOO