The Transformation of Banking Roles: ai’s Impact and Opportunity
The banking industry is on the brink of a significant shift, with artificial intelligence (ai) poised to bring about substantial changes to daily operations. According to a recent analysis by Accenture, the banking sector stands to gain the most from ai implementation, with the potential for a 30% increase in productivity over the next three years.
The Emergence of the Automated Banking Workforce
While this productivity boost is an encouraging development, it also signifies potential changes to the roles and responsibilities of bank employees. The report indicates that only 27% of current banking tasks are not at risk of transformation by technology, leaving a significant portion open for automation.
For instance, the duties of bank tellers – primarily collecting and processing data – could be largely automated through generative ai, with up to 60% of their routine tasks being replaced or enhanced. Other roles, such as loan officers, may require adapting to new responsibilities or acquiring additional skills.
“There is a reinvention happening across banks,” said Keri Smith, global banking data and ai lead at Accenture. “Every bank needs to think through their talent strategy and how to take this technology to scale.”
Major Players Embrace ai
Some of the world’s leading banks have already begun exploring the use of generative ai in their day-to-day activities. Citigroup Inc., for example, plans to offer this technology to 40,000 coders by the end of March, allowing them to experiment and innovate in their work.
During the Money 20/20 fintech conference last year, several banks discussed their ai pilots. Dutch multinational banking ING Bank is one such organization, exploring the technology’s applications in areas like code refactoring and communications calls.
“We are experimenting at this stage and we don’t have necessarily anything client facing yet, but we are using the same technology as other companies for things like code refactoring, comms calls, and so on,” said Mariana Gomez de la Villa, an executive at ING Bank.
As these changes unfold, it’s essential for banks to reconsider their talent strategies and prepare their workforce for this technological transformation. By embracing ai, banks can enhance productivity, streamline processes, and provide superior customer experiences – all while empowering employees to adapt and grow in their roles.
