AI threat to banking sector, 30 to 40 percent jobs will be affected!
There is already a belief about Artificial Intelligence i.e. AI that in future many people are going to lose their jobs due to it. Along with jobs, some positions in offices will be completely eliminated.
Now to further strengthen this fear, a statement has come from Bernd Leukert, Chief Technology, Data and Innovation Officer of Deutsche Bank. He recently made a big statement saying that due to AI and Generative AI (ZEN AI), 30 to 40 percent of jobs in the banking sector will change, and some will be completely eliminated. He made this statement during the 'Bank on Tech' event held in Bengaluru.
AI is necessary for the banking industry
Berend Leukert emphasized the importance of india in this event and said that india is an important link in Deutsche Bank's tech supply chain. He said that after Kovid, we decided that we will go to those places where there is talent. india is a big source of talent. That is why we have hired 8,500 people in tech in the last decade.
Apart from this, he said that banking is a highly regulated sector and many debates are still going on about AI. Leukert admitted that there are many challenges in adopting AI. He said, "The results of AI are not always predictable. At the same time, regulators want a rule-based system so that they can easily audit and oversee." However, he also said that it is important for the banking industry to adopt AI.
Technology replacing people
Speaking to The Hindu, Dilipkumar Khandelwal, Global CIO (Corporate Functions) of Deutsche bank and CEO of Deutsche india, said that technologies like cloud, AI and ZEN AI are bringing big changes in the banking sector. He said, "Earlier more people were needed to increase revenue and customers. But now we are taking the business forward without hiring more people by investing in technology."
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