The ongoing trend of using technology, automation, shift from off to online and also the connected world will radically reduce the need to manual simple work. on the other hand, for Banks to keep up new skills and talents will need to be added. So likely 2 million job cuts and 300,000 new jobs being created making it a net effect of 1.7m
The financial crisis was bad for banking jobs. The rise of “fintech” could be worse. A new report by Citigroup Inc. forecasts retail banking automation could spur a 30% decline in banking jobs across the U.S. and Europe over the next decade. That would be the equivalent of eliminating nearly 2 million jobs. The report is a broad assessment of the potential impact of financial technology, or “fintech,” on the global banking industry. It says that banking is at a “tipping point” with technology but still only in the early innings of a transition, with just 1% of consumer banking revenues generated from digital channels last year.
