I don’t know where it started but someone in the banking sector painted a picture with golden rainbow of return via AI. All the banks all jumped on board with such a claim so as to not be left out.
Well its not panned out for any of them at all. Now, to make the shareholders happy $ has to be found. It’ll be done by way of layoffs. The first quarter of next year for all banks will be a bloodbath. All banks that made AI promises will be passing out pink slips left and right.
AI is a TOOL - like MS Word or Excel. It won’t do your job for you, no matter how much MDs/EDs/shareholders want it to.
It’s a tool and nothing else.
No, it will not do ALM, KYC to some extent. I thought the layoffs along with the migration of jobs to India continue.
@ec Poster said AI is a bust.
No one said that AI is out of play, but rather, this huge AI revenue generation hasn’t taken place as promised….RIGHT NOW. It has not been an immediate “thing” to take place. To save face, what can be done TO get that huge influx of revenue that’s expected….hmmm..I wonder what…..what could possibly be done…..hmmm….thinking….oh, yeah, the old chop some heads always seems to work.
Who is that ?
A prominent CEO today was talking about how AI could 100% do KYC. You are underestimating that AI will just keep getting better.