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A Third of the Jobs Won’t Exist in Banks in the Next few Years
September 19, 2017
Automation is disrupting the banking sector and according to Citigroup head Vikram Pandit, technological developments will lead to the elimination of as much as 30% of the banking jobs in the next few years.
Pandit, who recently gave an interview to Bloomberg Television, said that robotics and artificial intelligence have reduced the need for back-office functions in the banks.
Axis Bank’s head Rajiv Anand supports Pandit’s opinion. Talking to a leading media house, he said that when there is a slew of cash deposit machines, there is no need for a teller. He said that most low-level jobs such as data entries won’t be needed in the next few years.
