Robots to March on Citi Jobs
Within the next five years automation could replace up to 10,000 technology and operational roles at U.S. bank Citi.
The rise of machine processing at Citi has the potential to slash its current 20,000 operations and technology roles by half. The stark prediction was made by Jamie Forese, president and chief executive of the bank's institutional clients group, in an interview with the «Financial Times» (behind paywall).
The rapid growth in sophistication of technology in banking is leading to a number of unexacting and routine roles, such as data entry, being replaced by automation.
Thousands of Job Losses
In Asia, banks are increasingly leaning on digitization in their compliance departments. Singapore's OCBC Bank is piloting two fintech solutions to improve its money laundering and terror financing defenses.
Japan's Mizuho uses artificial intelligence to screen customers applying for loans, replacing humans. In October 2017, the bank said it planned to shed as many as 19,000 employees in Japan and overseas over the next 10 years. The cuts will account for one-third of its entire labour force and will come through the growing use of AI and other technology.
Rise of Robo-Advisors
Not only back office roles are being affected however. The technology creep is making itself felt in more traditional face-to-face banking roles in Asia with the rise of robo-advisors.
