A recent study by consultancy Accenture suggests that artificial intelligence (AI) is likely to change the way bank employees spend their time at work. The analysis indicates that AI could replace or assist in tasks that currently make up about three-quarters of the time spent by bank employees. Banking, according to the study, has the potential to benefit more from AI than any other industry. Only 27% of tasks currently have low potential for transformation, as per the analysis.
Keri Smith, the global banking data and AI lead at Accenture, mentioned in an interview that there is a reinvention happening across banks, encouraging firms to reconsider their ways of working.
The introduction of ChatGPT over a year ago led many companies to hire more people for AI-related roles and explore various applications of generative AI. This technology can summarize documents, write emails, and generate responses to users’ questions. Major banks worldwide have been testing AI, expecting it to enhance productivity and reduce costs. Keri Smith emphasized the importance for every bank to carefully plan their talent strategy and scale up the adoption of AI technology.
For instance, Citigroup aims to enable all 40,000 coders to experiment with different AI technologies by the end of March. Meanwhile, Bank of New York Mellon’s CEO, Robin Vince, mentioned in an earnings call that analysts can benefit from AI technology by allowing them to start their work two hours later. AI can create rough drafts and prepare related data overnight, streamlining the research process.
Source: Ordonews
