According to a report by Citigroup, artificial intelligence (AI) could automate more than half of banking jobs over the next decade. The report estimates that AI and automation could replace around 900,000 jobs in the US banking industry by 2024, which is over 30% of the current workforce. The jobs most at risk are those involving repetitive tasks, such as loan processing, customer service, and compliance monitoring. However, the report also suggests that AI could create new job opportunities in areas like data analysis and algorithm development. The adoption of AI in banking is expected to increase efficiency, reduce costs, and improve customer experience. However, it also raises concerns about job losses and the need for reskilling and retraining workers. The report emphasizes the importance of banks investing in AI and automation to remain competitive, while also addressing the potential impact on their workforce.
Source: https://www.businessinsider.com/ai-could-automate-more-than-half-of-banking-jobs-citi-2024-6