Startups are using artificial intelligence and machine learning to automate operations throughout banking, from fraud detection to customer identity verification.
High-paying bank jobs are officially at risk.
For large banks, automating operations presents a massive opportunity to increase productivity while lowering headcount. Today, robotic process automation (RPA) software is streamlining workplace functions by automating manual, repetitive tasks — including data entry, document review, transaction processing, and more.
Additionally, machine learning algorithms are analyzing vast amounts of data to automate processes like fraud detection, compliance, and underwriting.