Innovation is rapidly transforming the banking industry, increasingly replacing humans with technology.
In fact, according to new research from Wells Fargo, the fourth industrial revolution could result in 200,000 jobs being slashed from the US banking sector within the next ten years, the Financial Times reports. That represents 10% of the people working in the sector today.
Employees in bank’s back offices, branches and call centres would be the people most affected by the technological shift.
Having looked at impact of technology across the US banking industry, Wells Fargo’s analysts explained that artificial intelligence alone could reduce mortgage processing costs by between ten and 20%.
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