According to a report prepared by ThoughtLinks, banking is projected to experience a significant transformation by 2030, with AI redefining 44% of the work involved. The tech, engineering, and infrastructure sectors are predicted to be the most affected, with 55% of their tasks susceptible to automation. Other sectors, including commercial banking, wealth management, and investment banking, may see redefinitions of 49%, 42%, and 33% respectively. Major banks like JPMorgan and Goldman Sachs are heavily investing in AI initiatives to remain competitive in this evolving environment.
AI is on track to redefine 44% of the work done at banks by 2030, according to ThoughtLinks, an independent consulting firm.
Tech, engineering, and infrastructure collectively considered one sector, would be most susceptible to transformation, with a projection of 55% of the work involved in that sector being redefined by 2030.
Commercial banking could be redefined by as much as 49% by 2030, wealth management to the tune of 42%, and investment banking by as much as 33%.
JPMorgan has deployed a large language model suite to its 200,000 employees, while Goldman Sachs has rolled out its own ChatGPT-like sidekick, GS AI Assistant.
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