30% of the Bank Employees Work may also be Executed by Robots

One third of all the functions performed by bank employees can be automated, experts from the consulting firm McKinsey said. However, mass unemployment among operators, cashiers and managers in banks can be avoided.

The conclusions of one of the world's leading consultancy companies are not the best news for millions of operators, mortgage and consumer loan managers, financial analysts, and other banking specialists. The comforting McKinsey report, however, is that no inevitable mass layoffs have been made. His authors predict that "the application of cognitive technology to capital market functions will reduce budgets and free up resources for more efficient staffing - research, idea generation and customer service."

In the eight banks surveyed by McKinsey's experts, the number of staff members has not always diminished as a result of introducing new technologies. This is because automated functions, not jobs, are automated. So, the chats and algorithms will rather reduce the burden on bank employees than completely throw them away from their work.

McKinsey shares four technologies that are ready to take on one-third of the work of banks: smart records management, machine training, natural language processing, and cognitive agents. Some banks are already taking steps on the road to automation, but most are in an "early phase of understanding the capacity of cognitive technologies," the report said.

From McKinsey, they are relatively optimistic about how automation will affect the employment of workers in the financial sphere. "We have fewer sales and marketing managers, but more engineers and programmers," says Jamie Dimon, JPMorgan Chase CEO. "Algorithms enable us to take the resource and direct it to somewhere else." According to Dimon, the staff in his investment bank will only increase in the next 20 years, Quartz reports.

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