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AI in banking risks 500,000 jobs by 2030

11th April 2019 Church News.

The business value of artificial intelligence (AI) in banking is projected to reach $300 billion by 2030, but around 500,000 UK bank workers’ jobs could be at risk by that time. IHS Markit analysis estimated AI in banking business last year at $41.1 billion, which includes the cost savings and efficiencies of introducing AI, compared to keeping existing infrastructures and processes.