Robots can replace white-collar jobs, which is not new. A McKinsey report said that now that new technology is about to invade investment banks, about one-third of the general staff in the bank will lose what they are doing now. This change does not take too long, in the next few years. Will be completed.
When people refer to a savvy old capital predator, a common way of rhetoric is to say that this person is as ruthless as a robot. Ok, now the analogy is going to come true: the robot is replacing the work of Wall Street staff. According to McKinsey's estimates, up to 60% of bank-related jobs will be affected by robots, and even 30% of jobs can be “directly automatedâ€.
The consulting firm published a report titled "Capital Market Cognitive Technology" to study how machine learning, artificial intelligence and natural language processing are applied in the investment banking arena. These technical buzzwords are already common on Wall Street, but basically what they do is very similar: imitate human wisdom.
“The application of cognitive technology in capital market functions can reduce budgets and allow teams to focus on high-value activities (such as research, creative generation, and customer relationship management),†the report said.
Automation technology will free people from day-to-day operations, and people can do more high-value work: research, think new ideas, or communicate directly with customers.
The author of the report, Jared Moon, said that this trend will quickly change the industry in the next two or three years, and that in the transaction-handling sector, the use of cognitive technology can save 20-30% of employees. .
Automation is actually a relatively broad concept in the banking industry. Which technologies are used more? McKinsey's report points out that some of them, such as the use of machine learning algorithms to process large amounts of data, can help traders predict trends; natural semantic processing can be applied to legal and compliance tasks to convert records, incoming mail and recordings into structured data; Intelligent process tools such as file scanning and automatic data identification accelerate the process of new customer registration...
Some banks have begun to become radical in the application of automation technology. Because embracing automation technology makes banks' operations more efficient, innovative, and flexible, it also means that banks that don't follow up in time will fall far behind competitors.
In June last year, JP Morgan Chase began to go online to process the commercial loan contract COIN, this program can quickly pass the file in a few seconds, and the correct rate is higher than in the past. Before the COIN did not appear, the time spent by lawyers and loan staff on these contracts added up to 360,000 hours.
On this year's Investor Day, JPMorgan Chase also stressed that they have received very good returns on the technology. Now they are developing more advanced programs to handle more complex files.
In the past half century, most of the occupations that were most affected by robots were blue-collar workers, that is, labor-based assembly workers, operators, and assembly workers. In recent years, the topic of robots replacing white-collar workers has gradually heated up, and now robots that attack white-collar workers no longer need "entities", they are often programs in the server.
McKinsey’s report did not pay much attention to the front end of the banking industry, which is the part of dealing with customers. This report focuses more on how robots can improve the efficiency of themiddleoffice. For example, employees who mutually confirm transactions, verify prices, and collect profit and loss statements, the proportion of these jobs will be replaced by robots, even more than one-third.
So, should humans panic?
SpaceX, Tesla's founder Elon Musk said: "Humans need to be combined with machines to become a semi-mechanical person to avoid the fate of elimination in the artificial intelligence era." But Siri's co-founder Tom Gee Tom Gruber believes that artificial intelligence exists to enhance the human ability with the intelligence of the machine. It is not so much that artificial intelligence is to compete with human beings, but rather to cooperate with human beings. Machines and human beings are in the same team, and each is doing what they are best at.
LinkedIn released the results of a survey last week. A survey of 1,000 financial practitioners showed that one in four participants worried that their work would be replaced by robots, and 39% of respondents expressed optimism and felt financial Technology and traditional financial services can and will coexist.
However, regardless of whether the practitioner is optimistic, the robot will continue to replace the human work, leaving the human being to leave the mechanized work, it is no longer a trend of retrogression.
Modern Physics Experiment Series
Modern physics experiment related equipment for efficient specialized physics laboratory
Modern Physics Experiment Instruments,Optical Instruments,Acousto-Optic Modulator Experimental Device,Optical Spectroscopy Experiment Determinator
Yuheng Optics Co., Ltd.(Changchun) , https://www.yuhengcoder.com