📣 AI: The Future of Banking Efficiency
posted 27 Feb 2024
Artificial Intelligence (AI) is poised to reshape the banking sector, potentially replacing or, at the very least, serving as a primary assistant in 77% of daily activities. This comes from a comprehensive study by consulting giant Accenture, which analyzed over 3,500 tasks and 2.7 million banking employees.
The banking sector is expected to reap substantial benefits from AI adoption, with predictions of up to a 30% increase in efficiency within the next three years. One illustrative example provided is the bank teller's role, primarily focused on data collection and processing, tasks that AI can efficiently undertake.
Every bank needs to think through their talent strategy, and how to take this technology to scale,remarked Keri Smith, global banking data and AI lead at Accenture.
Despite these advancements, Accenture predicts that not all jobs will be rendered obsolete, as there will always be a need for a certain level of skilled human intervention. Some employees might transition into new roles or adapt to a hybrid of responsibilities.
It's worth noting that another consultancy, McKinsey, previously delved into the effects of generative AI on various sectors, including marketing, client interaction, and product design. Further details on their insights are available in our dedicated article.
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