The surge in Artificial Intelligence over the past year caught many people off guard, like a jarring dip into an icy bath. However, there’s one group that wasn’t surprised when AI started replacing millions of jobs: the bankers.
AI has been integrated into the banking industry in all sorts of ways for many, many years now.
If you have a Chase, Wells, or Bank of America account I’m sure you’re well familiar with their little AI chatbots ready to help you at any time, just to name an example.
Ever tried to actually get support? Get ready to fight an army of AI chatbots that were “hired” in place of actual customer service representatives.
But that is not what this article is about; today I’m going to tell you why AI is bad for bankers not just in the present, but in the future.
First, we have to talk about widespread unemployment
Unless you’ve been living under a rock for the past year, I’m sure you’re aware of the massive negative impact the influx of Artificial Intelligence has had on the modern job market.
As more and more corporations pick up on how much money they can save by getting rid of their hard-working employees and replacing them with soulless pieces of code, the larger the slippery slope into widespread economic job disruption becomes.
McKinsey predicts that up to 800 million people will lose their job as a result of Artificial Intelligence by 2030, which just to put that in perspective for you is close to 30% of the entire world workforce.
We’re already seeing this all over the place.
A lot of people saw this coming: ChatGPT is so good at writing that any job that requires any form of creative thought, copywriting, or production of content is naturally going to suffer.
However, what a lot of people don’t realize — is that copywriters aren’t the only ones to go.
Automation of processes, data entry, and the crunching of numbers is something that covers a lot more jobs than a BuzzFeed clickbait article.
Everyone is losing their jobs. Absolutely every sector can replace employees with automation or Artificial Intelligence of some sort.
How will Artificial Intelligence replace bankers exactly?
The reality is that the future of the banking industry is looking grimmer and grimmer the deeper you look into it.
Massive corporations, and those in charge of the big banks, pitch Artificial Intelligence advancements in the industry as something built to “help the customer”.
You’ll see headlines such as “improved customer experiences, fraud detection, efficiency, risk management etc.”
The thing is that we’ve already had good customer experiences, fraud detection, and risk management ahead of AI.
We’ve had those things because it’s been operated by skilled, educated workers who are experts in their field and craft. Those people are now being let go, unable to provide for themselves and their families as a result.
Real humans are becoming less and less relevant.
I already mentioned the chatbots that you have to face every time something goes wrong.
That used to be the job of real people who were trained to fix the same issues. I know I sound like an old-fashioned boomer whenever I complain about it, but I cannot stand having to deal with these coldhearted robots every time I try to fix something that is almost always the bank’s fault.
It’s not just customer service employees either, it’s the white-collar educated ones too
I get it, we have less sympathy for people who have fancy white-collar jobs.
But they are people too, and right now, I only care about people.
Employees who work in risk management have jobs that are based on predicting market trends and creditworthiness. Human analysts and risk assessment professionals used to be highly educated people who spent years understanding just how the market works.
These people are also being tossed to the streets now.
This means that if you have a white-collar job and feel that you’re safe because automation “only affects the lower class” — you’ve got something else coming for ya.
Why AI is bad for bankers outside of the whole losing their job thing…
Let’s say you don’t give a crap about the people losing their jobs.
That “if I’m personally better off with AI, why does it matter?”
Well, it’s because you’re not actually better off with AI. Only the big corporations that are saving money are better off with Artificial Intelligence.
You’re going to hurt from this.
I’m not just talking about the annoying chatbots, I’m talking about data privacy and security.
I’ve already discussed the massive issues and implications that come with Artificial Intelligence’s access to our data and privacy here, but this time I’m talking about banking exclusively.
Banks collect vast amounts of customer data; data that is significantly more important and discriminatory than any social media platform you’re using. For the AI algorithms to function effectively, it needs access to all of this data.
Artificial Intelligence, whether you like it or not, is gaining an increasing amount of data from your own private banking records. AI does not have any human protections and is way too easily prone to fault and data breaches.
That’s the real issue at hand here.
Bottom line: Why AI is bad for bankers
The Artificial intelligence takeover in banking isn’t just a technological shift; it’s a social and economic one that is going to leave a lot of people worse off.
A lot of people already know how dangerous it is, which makes it all even more terrifying. Is it apathy or dread that is preventing people from avoiding AI? Regardless, you can read all about what the western worlds public opinion of Artificial Intelligence is right here.
It’s also taking over all forms of data privacy, and security and is leaving millions of customers super susceptible to breaching of personal information.
The reality is that AI is not just taking over people’s jobs; it’s taking over their jobs and doing them worse for the sole purpose of making the top 0.1% even richer.
What happens when we lose control?
What happens if bad actors gain access?
Millions of lives are being affected, and the second crap hits the fan we’re all going to suffer.
Say NO to AI.