As many as 200,000 jobs will disappear as machines replace labour during a new ‘golden age of banking efficiency’, the 225-page report states.
And it’s not just the robot revolution doing the damage, as US banks elevate tech spending annually to $150 billion to take advantage of advances in cloud computing, Dig Data analytics and artificial intelligence. The investment will lead to significant savings, as back office, call centre, sales and branch jobs are decimated.
