The progress at Artificial intelligence will significantly transform Europe’s banking landscape, according to a new forecast from the financial service provider Morgan Stanley. As the Financial Times reports, 35 The bank with approximately 2.12 million employees examined. They expect major efficiency gains through the use of AI. In order to catch up with the profitable US competition, they want to save on personnel and around 2030 10 percent theirs Reduce workforce.
KI should primarily replace jobs in the “back-office”.
Many banks are talking about around 30 percent efficiency gains that they expect from AI and other digitalization measures, according to Morgan Stanley. A ten percent job cut would over 200,000 terminations mean in the next five years. “Back office” areas in the central offices could be particularly affected administrations from banks. In Risk management– or compliance departments, AI could increasingly take on tasks.
A means to improve yield
In many cases, European banks have a low ratio of Administrative costs to the business result (cost-to-income ratio). This is a thorn in the side of investors, they demand it Improvements. Banks could now look to AI as a catalyst to achieve these improvements. In November, Dutch bank ABN Amro talked about cutting a fifth of its workforce by 2028. Spoke in March Slawomir KrupaCEO of the French bank Socété Générale, that “nothing sacred” is to cut the costs of his company.
AI could be used even more widely
“We can already see industry change in auditing, legal and consulting, but banks are not yet delivering improved efficiencies,” quotes the Financial Times Jason NapierEuropean banking expert at UBS. AI tools would have to only fully deployed become. Existing applications are very promising. The Swiss bank UBS is therefore sending its senior employees to Oxford University for AI training.
There is a risk of losing basic skills
In view of the AI euphoria, there are also warning voices. “Where we have to be very careful is that people don’t follow her Understanding for very basic things lose“, says Conor Hilleryco-CEO of EMEA at JPMorgan Chase. “Otherwise we will accumulate a big problem for the future.” Skills that AI can easily take over would still have to be taught in training.
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