CEO of Deutsche Bank, John Cryan, said that automation will take over the roles of employees in banking jobs, globally. The worldwide financial industry will majorly be automated in the next 10 years, he commented post the Singapore Summit.
“The banking sector will clearly see many of its current roles automated. It would be inappropriate to say it’s bank-specific. It is, in fact, a sector-wide phenomenon,” Cryan said in an interview.
He explained how finance jobs require people to act like robots and so it will be simpler to use robots in their stead. His employees are conscious of the transformation, which will occur in the near future.
There may even be a silver lining to their current roles going to the machines.
He mentioned, “People who are mechanically moving paper and numbers around do not have a satisfying job. The career prospects do not look pleasant. Including automation to do the mundane task and adding the manpower for a little bit of thinking and creativity would be a reasonable solution.”
Cryan added, “People can have an edge over the machine due to their interpersonal skills. He is looking to add workforce to face clients and external shareholders while the internal numbering and calculating can be conducted by the machines.”
“It is very hard to say how many jobs will be lost. It is difficult to say where the market moves. For the whole sector, there will be a lot of people over the next five to 10 years,” Cryan added.