We at IoT Sources often refer to the emergence of machine learning, deep learning, artificial intelligence and virtual reality. These are major forces of disruption, and they are vital in organizations’ quests to achieve successful digital transformation. With artificial intelligence specifically, we see it gaining quicker adoption than some of the others. According to Greenwich Research, several factors have helped AI gain traction recently. They predict by next year, around 75% of financial firms will either explore or implement artificial intelligence technologies. They suspect this might put up to 15% of the banking industry’s jobs at risk. How is this possible? Well first, billions of images and documents have made their way online over many years. As a result,this has made for fertile ground for computers to spot patterns that are important in being able to accomplish high level tasks. Second, advances in graphical processing units have made sifting through daunting datasets much easier. Combine these advances with the inexpensive processing power offered by the cloud, and you have the perfect recipe for researchers to provide sophisticated AI-enabled services to customers. Or, as in the case of Deutsche Bank, companies can build these AI systems themselves.
Deutsche Bank CEO John Cryan, who has been planning a “big number” of job cuts at the German lender, thinks robots could replace a large chunk of its workforce. Cryan has already cut thousands of jobs as part of a five-year restructuring plan, and he hinted in a Financial Times interview that he’s ready to cut much deeper by using technology like artificial intelligence and machine learning to automate banking tasks.