The banking industry could use chatbots and other automated software to eliminate as many as 200,000 jobs over the next 10 years, according to a new report by Wells Fargo.
Customer service may experience the deepest cuts, with employee reductions of up to one-third; other roles, such as technologists and salespeople, may end up substantially less affected. Indeed, the technological foundation for this shift is present: “We’re already seeing signs of it with chatbots, and some people don’t even know that they’re chatting with an A.I. engine because they’re just answering questions.” Michael Tang, who leads Deloitte’s global financial-services innovation practice, is quoted as saying in the report, according to Bloomberg.
Earlier this year, an analyst report from McKinsey & Co. suggested that automation could decimate the