Banking 4.0 – How humans will continue to remain indespensible

“Banking 4.0 is defined by four primary characteristics.

  1. Firstly, it encourages a transition from product-based operations to service-based roles.
  1. Secondly, banking 4.0 will require BFSI companies to adopt a more customer-centric approach to banking.
  1. Thirdly, banks that succeed in riding the 4.0 wave will need to embrace a major shift toward digitisation.
  1. Last, banking 4.0 requires banks to collaborate with fintech companies on various fronts like lending and teaming up to create co-branded products.

How can professionals remain relevant in the banking 4.0 era?The key to remaining relevant in this age of digital disruption lies in reskilling and upskilling.”

Robots Take Retail

    • “Walmart is building its robot army as well, and according to this ABI Research release, the company deployed 350 systems for inventory management across its stores in 2019 alone. That’s an average of roughly one robot for each store.
    • By 2025, more than 150,000 mobile robots will be deployed in brick-and-mortar retail establishments, according to an estimation by ABI Research.
    • If installed in all of Amazon’s 55 US fulfillment centers, they could replace more than 1,300 employees
    • And the study found that 64 percent of employees surveyed said they trust a robot more than their manager, with half turning to a robot instead of a supervisor for advice”

    ‘Doomsday’ scenario of mass layoffs due to AI unlikely, federal documents say | The Star

    • “In a separate briefing, officials were told ahead of summer that 11 per cent of jobs in Canada could be automated over the next 15 to 20 years, and a further 29 per cent are ‘likely to change significantly.'”

    Artificial intelligence jobs on the rise, along with everything else AI

    “AI conference attendance – In 2019, the largest, NeurIPS, expects 13,500 attendees, up 41% over 2018 and over 800% relative to 2012.

    AI jobs – the share of AI jobs in the US increased five-fold since 2010

    Compute capacity – Post-2012, compute has been doubling every 3.4 months — a mind-boggling net increase of 300,000x.

    Training time – it now can happen in almost 1/180th of the time it took just two years ago

    Computer vision – the accuracy of image recognition by systems has reached about 85%, up from about 62% in 2013.

    Photo: Joe McKendrick

    Yes, AI will soon be everywhere – but it will support humans, not replace them

    • “‘We are increasingly seeing artificial intelligence and machine learning being subsumed into industries like healthcare, education and architecture.’
    • ‘We are going to become more aware that we’re outsourcing decision making to machines, and that’s going to be a huge trust leap.'”