Experts Predict Artificial Intelligence Will Wipe Out More Than 50% Of Jobs In Banking Sector - Latest Hacking News

According to industry experts advances within artificial intelligence and automation will wipe out more than 50% of the jobs in the financial sector in the next 10 years however it is going to take some big investments to achieve automation at that scale. James D'Arezzo, CEO of Condusiv Technologies said, "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. He also thinks that while hardware upgrades often solve these problems this comes hand in hand with sometimes inordinate expense with the Tokyo Institute of Technology Global Scientific and Computing Center as an example of this. The centre is on the verge of developing a supercomputer to meet the demands of artificial intelligence and big data applications. At the current cost of hardware, it would take around $50 – $100 Million dollars to build the supercomputer.