All jobs where there are routines, tasks that repeat themselves, are in the risk zone. AI will not erase all. Rather, it will lead to a shift in the workforce, says Tomasz Noetzsel, senior analyst at Bloomberg Intelligence.
Automated customer service, so-called bot routines to ensure customer knowledge in combination with efficiency improvements in most areas of the business are some trends that are expected to gain strength.
The report is based on a survey of communication and technology chiefs at 93 banks – including Citigroup, JP Morgan Chase & Co and Goldman Sachs Group – conducted by Bloomberg Intelligence.
Bank executives expect on average that around 3 percent of the workforce can be rationalized away when new AI tools start taking over tasks currently performed by staff. At banks with the highest ambitions regarding AI, they aim for staff reductions of 5-10 percent.
Bank profits are estimated to increase by 12-17 percent by 2027 as a result of the productivity gains created, according to the report.
