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AI Could up Profits But Also Disrupt Banking: Citi Report – M’place

New report says the finance sector could face great disruption from AI, and that half the jobs in banking could eventually be made redundant

Citibank report says the financial sector could reap huge benefits from more use of artificial intelligence, but it also warned that many jobs could be made redundant. File Reuters pic.


Artificial intelligence has the capacity to spur great disruption in the financial sector, according to a study by Citibank, which suggests half the jobs in banking could eventually be automated, according a report by Marketplace.

“Time-consuming financial tasks likely to be delegated to AI in the future includes copying numbers from one computer system to another and synthesizing a bunch of financial information quickly, the report said, adding that Sophia Bantanidis, one of the authors of the new report, said that while some jobs will disappear, new jobs will also be created, such as ones to ensure the artificial intelligence is getting correct data to spit out the right results.

Read the full report: Marketplace.



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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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