Bank jobs to be decimated by new technology

Bank jobs to be decimated by new technology

Analysts at Wells Fargo are forecasting that up to ten percent of bank jobs in the US will be wiped out by ongoing technological progress in the next ten years.

As many as 200,000 jobs will disappear as machines replace labour during a new 'golden age of banking efficiency', the 225-page report states.

And it's not just the robot revolution doing the damage, as US banks elevate tech spending annually to $150 billion to take advantage of advances in cloud computing, Dig Data analytics and artificial intelligence. The investment will lead to significant savings, as back office, call centre, sales and branch jobs are decimated.

The cuts are likely to be so deep that up to half of all bank expenses will be consumed by employee compensation programmes.

Comments: (1)

A Finextra member
A Finextra member 04 October, 2019, 15:27Be the first to give this comment the thumbs up 0 likes

I dislike doomsday predictions. They are rarely correct.

When the computer was created “experts” expected jobs to be decimated. When automation was introduced to manufacturing “experts” expected jobs to be decimated. When Automated Teller Machines were created “experts” expected jobs to be decimated.

What really ends up happening is new job opportunities, sometimes in related industries or fields open up.

Whenever there is change there is also opportunity. In this case, it is in the world of Data Analysts.

U.S. Bureau of Labor Statistics has indicated 11.5 million Data Science job openings will be created by 2026.  

These jobs include:

  • Business Intelligence (BI) Developer (Average Salary: $89,333)
  • Data Architect (Average Salary: $137,630)
  • Data Scientist (Average Salary: $139,840)
  • Data Analyst (Average Salary: $83,878)
  • Data Engineer (Average Salary: $151,307)
  • Machine Learning Scientist (Average Salary: $139,840)
  • Statistician (Average Salary: $93,589)