This is a discussion on AfterGraduation new article "Digitalization And Artificial Intelligence To Reduce Job Opportunities In Banking Industry".
The banking industry which was among the big job creators along with the information technology industry is at an inflection point where technology is enhancing efficiency at a faster pace than what humans could do. Traditional jobs like passbook updating, cash deposit, verification of know-your-customer details, salary uploads are also going digital increasing job redundancies.
The Indian banking industry has been witnessing a slow transition from people-driven to machines controlled in the past few years. In the coming years even the position of the teller, who is fast being replaced by sophisticated automated teller machines, and much more jobs going away as computing makes it possible to do more with less heads at the branches.
India is experiencing what banks in advanced countries have been doing for the past many years. A few years ago, Barclays chairman Anthony Jenkins warned of the Uber moment for banks and that is coming true.
