ARE THE “BOTS” TAKING OVER? – A report released by consulting group, McKinsey, states that nearly a 1/3 of jobs within IBs could be taken over by Artificial Intelligence. The report entitled ‘Cognitive Technologies in Capital Markets’ concluded that 60% of jobs in the industry will be affected by AI, and 30% of jobs could be completely taken over by automation. The report stated “The application of cognitive technologies to capital markets functions can reduce budgets and free up capacity for teams to focus on higher-value activities such as research, idea generation and client relationship management.” It goes on to say that the technology could be ready to take “centre stage” within a few years. Many banks are preparing for the change to automation by opening ‘innovation centers’. JP Morgan, have stated their intentions to use technology with the CEO, Jamie Dimon saying “We’re using bots today, it’s not going to stop us from opening retail branches” going on to say “My guess is our headcount will go up over the next 20 years, not down.” The likelihood of “bots” taking over is strong, for those positions where innovation and client interaction is not in play. Should the middle and back office be concerned within banks? According to this…it seems so. #SpartanInternational