Artificial intelligence is set to significantly reshape the banking industry, with global banks projected to reduce their workforce by 200,000 jobs over the next five years, according to Bloomberg.
This represents an annual decline of nearly 3% in banking jobs, as institutions increasingly adopt AI to streamline operations, reduce costs, and enhance customer experiences.
AI technologies are automating tasks such as customer service, fraud detection, and risk assessment, previously handled by human workers.
While this transition promises efficiency gains, it also raises concerns about widespread job displacement, particularly in roles like data entry, call center support, and loan processing.
Experts highlight that while certain jobs may disappear, new roles in AI development, data analysis, and compliance could emerge, requiring upskilling of the workforce.
Not only the banking industry, even many companies are working towards replacing all the entry level jobs with AI.