BankThink Don’t underestimate AI’s risks

  • “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.”