(Original title: Robot "invaded" Wall Street: 30% of bank positions will be replaced by AI?)
When people refer to a shrewd old capital predator, a common rhetoric is to say that this man is as ruthless as a robot. Well, this metaphor is now coming true: The robot is replacing the work of Wall Street staff.
When people refer to a shrewd old capital predator, a common rhetoric is to say that this man is as ruthless as a robot. Well, this metaphor is now coming 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 automated."
The consulting firm released a report titled "Capital Market Cognitive Technology" to study how machine learning, artificial intelligence and natural language processing are applied in the investment banking field. These tech buzzwords are already common on Wall Street, but basically everything they do is very similar: imitate people's wisdom.
The report said: "The application of cognitive technology in capital market functions can reduce budgets and allow teams to focus more on high-value activities (such as research, creative generation and customer relationship management)."
McKinsey produced a schematic diagram showing the degree of influence of artificial intelligence and automation on different types of work on Wall Street. At present, trade-related industries are the most affected by AI.
Swiss bank UBS has taken steps to automate trade distribution. They involve a software program running on a virtual desktop that automates the tasks involved in booking and distributing foreign exchange transactions.
JP Morgan is making large investments in technology because it cuts costs and increases efficiency. Morgan introduced a machine learning engine last year to identify customers who should issue or sell equity. Now, given the initial success of the engine, it is being promoted to other areas.
According to McKinsey, automation does not translate into magical "double-digit revenue increases." However, this will make the business more efficient and enable it to react more quickly to technological change. McKinsey advises banks to set up centers to track emerging technologies, promote their infrastructure innovations, and keep up with the pace of change.
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