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STARR INSIGHTS: AI and Robotics…Is it the end for the Human Race?

By Ryan Waters

Speaking with a number of clients there is a lot of conversations around AI, Robotics and their benefits. So, I am asking the question should we all be worried that we are going to be replaced by robots?

There are plenty of examples of AI and Robotics creeping into the Financial Services industry, a couple of which I have picked out here:

A leading consultancy has recently signed a contract with a tier 1 bank to provide AI for a large transformation programme.

Retail banking, in particular, is taking advantage of the benefits of AI in the form of chatbots or AI assistants.

The Royal Bank of Scotland, Bank of America and a Swedish Bank, for example, are a number of banks that are incorporating this kind of technology into the day-to-day business activities.

There are many more similar cases and over the next two or three years, there will be some major changes and we are likely to see AI and Robotics as part of the furniture in the financial services technology space.

However, although these are examples of top level financial services firms using AI and Robotics within their technology framework, the machines won’t take over…yet. AI will gradually replace humans in some functions like assistants, digital labour, and machine learning. But challenges will persist because of privacy and regulatory concerns. Augmented intelligence where machines assist humans, could potentially be the answer.

I think the happy medium is for companies to find the right balance between human and machine. The general consensus is that for every job lost to AI, there will be at least that and then some to manage and maintain the technology. There’s a balance between costs and the need for good customer service, taking into account over the last 10 years we have automated passport control and self-service check outs it will be interesting to see how far we go in the AI and Robotics space.

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