Why robots will not eat the banker's lunch
That clarion call that robots will take over the world does not apply to bankers because humans bring a more holistic approach to complex relationship management.
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VIDEO killed the radio star, so the song goes. A question that has been thrown up a lot of late is whether technology will kill the private banker. A recent report by management consultant Opimas LLC predicts that more than 200,000 jobs in banks across different work areas would be made redundant by 2025. Of these, about 24,000 roles are in private banking and wealth management.
The "culprit"? Artificial Intelligence, or robots, which are the latest worker of choice among financial institutions.
JP Morgan Chase & Co has been testing an AI system it calls LOXM in Europe since early 2017. LOXM is being applied directly to trade execution and the bank claims it is the first to apply AI technology to real-time trades rather than just post-trade allocations as what most other banks are currently doing.
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