Robots are not that friendly at the bank....
The CEO of Deutsche Bank said a "big number of staff will eventually be replaced by robots” as it looks towards artificial intelligence technology (read more) CEO John Cryan is
reported to have told an audience at a conference in Frankfurt that a “big number” of the bank’s staff will lose their jobs as a result of new technology taking ove. The bank has around 100,000 employees.
He accused accountants as being like abacuses, saying the bank “won’t need as many people”. “In our banks, we have people behaving like robots doing mechanical things. Tomorrow, we’re going to have robots behaving like people,” he added. Cryan also said some roles will become more interesting and that the cuts to permanent staff might be less severe, with thousands of contractors being let go. Technology such as
artificial intelligence (AI) and automation software is taking over many repetitive tasks at businesses, with the financial services sector leading the charge. A
report from financial services management consultancy Opimas predicted that, discounting acquisitions of startups, finance firms in the investment sector would spend $1.5bn on robotic process automation, machine learning, deep learning and cognitive analytics in 2017, increasing by 75% to $2.8bn in 2021. Banking staff in customer services, back office processing and even those giving customers advice are at risk.
