- “When ATM machines were first put into place in the 1980s, there was widespread concern that it would eliminate the jobs of ordinary bank tellers and bank operations. However, according to Davenport, ‘One of my favorite statistics is that there are roughly the same number of bank tellers now, as there was in 1980 despite all the ATMs, internet banking, and other such changes.’”
“Phase 1: The Exchange of Data for Automation – First, we will exchange data for automation by providing digital records of our work as training data for the AI to learn and mimic how we do our work.
Phase 2: Teaching the AI to Refine Its Model of How We Work – Once we have AI that is good enough to help us, we move to collaboration. We let AI attempt to replicate our work, and we judge to see if it’s able to match our quality.
Phase 3: Full AI Automation and Job Shift – Likewise, the complete automation of our work by AI means that our jobs will shift. This will shift the nature of our work to something more important and more strategic. It will also shift our work towards tasks that require more human empathy”
- “Luis argues is that if we can find a better way to structure the system as a whole, then the AI system should be able to reason through problems, even with very limited data.
- Once we can stop comparing humans to artificial intelligence, Luis believes that we will see great advancements in what AI can do. He believes that AI has the power to work alongside humans to unlock knowledge and tasks that we weren’t previously able to do. The point when this happens, he doesn’t believe is that far away. We are getting closer to it every day.”
Luis Perez-Breva is an MIT professor and the faculty director of innovation teams at the MIT School or Engineering.
- “Although the U.S. has six million fewer factory jobs than it did in the late 1970s, it has 62 million more total jobs, primarily due to the growth of the service sector.
- The study found holders of bachelor’s degrees are five times as likely to be exposed to some effect of artificial intelligence as those with just high-school diplomas.
- Artificial intelligence—programming machines to think more like humans—is expected to alter how Americans work on a scale similar to the impact of robotics and desktop computers. But employees affected by it are much more likely to be in management or professional roles than laborers turning screws or filing papers.”
“Banking 4.0 is defined by four primary characteristics.
- Firstly, it encourages a transition from product-based operations to service-based roles.
- Secondly, banking 4.0 will require BFSI companies to adopt a more customer-centric approach to banking.
- Thirdly, banks that succeed in riding the 4.0 wave will need to embrace a major shift toward digitisation.
- 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.”