“At the end of 2017, 52% of banks reported making substantial investments in AI and 66% said they planned to do so by the end of 2020.
The stakes are enormous — one study found that banks that invest in AI could see their revenue increase by 34% by 2022, while another suggests that AI could cut costs and increase productivity across the industry to the tune of $1 trillion by 2030.
Citi notably drew attention to the potential of job losses in the sector as a result of AI adoption when it publicly announced in 2018 that it could cut 10,000 jobs by 2023 because of AI automation
Any massive force of change comes with both risks and opportunities. Banks are right to increase their investment and experimentation in AI technologies.”