This chart shows where robots are going to replace humans on Wall Street
The robots are coming for Wall Street's jobs, and McKinsey & Co has an idea of exactly what jobs they are coming for. The consultancy has published a report, titled Cognitive Technologies in Capital Markets, examining the areas of corporate and investment banking that are ripe for automation via machine learning, artificial intelligence, and natural language processing tools. These tech buzzwords have become commonplace on Wall Street, but essentially they all do something very similar: mimic human intelligence. According to McKinsey, these technologies are "moving center stage" and could have a sizeable impact on 60% of bank jobs, with 30% of activities for this group "technically automatable."This "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," the report said.
Jul-22-2017, 08:50:31 GMT
- Country:
- Europe > Switzerland (0.06)
- North America > United States
- New York > New York County > New York City (0.84)
- Industry:
- Banking & Finance
- Capital Markets (0.48)
- Financial Services (0.36)
- Banking & Finance
- Technology:
- Information Technology > Artificial Intelligence
- Robots (1.00)
- Natural Language (1.00)
- Games > Go (0.40)
- Information Technology > Artificial Intelligence