A customer uses an automatic teller machine (ATM) inside a Wells Fargo & Co. bank branch in New York, U.S., on Tuesday, Jan. 9, 2018. According to a Wells Fargo research report, robots will eliminate 200,000 jobs in the banking industry within the next 10 years. These numbers seem astounding and mind-boggling. However, the robot overhaul has been in motion for some time. While others use the term "robots," it's fair to say that this also refers to artificial intelligence, advanced technology and sophisticated software. Like many business sectors, banks are under siege from a confluence of factors working against them.

When HSBC Holdings Plc thwarted a $500 million central-bank heist, sophisticated computer software didn't raise the alarm. The funds flowed undetected from Angola's reserves to a dormant company's account in London. It was a teller at a suburban bank branch who became suspicious, declined a request to transfer $2 million, and triggered a review that uncovered the scam, according to one account of the episode. That was two years ago, and the finance industry's battle to stop the illicit transfer of as much as $2 trillion a year around the globe hasn't become any easier. At least a half-dozen lenders in Europe have found themselves at the center of fresh allegations of dirty money schemes in the past year.

Advances in artificial intelligence and automation could replace as many as half the nation's financial services workers over the next decade, industry experts say, but it's going to take a big investment to make that happen. James D'Arezzo, CEO of Glendale, Calif.-based Condusiv Technologies, says that's where things are headed. And the process will be complicated. "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. Intensive hardware upgrades are often cited as an answer to the problem, but D'Arezzo said that's prohibitively expensive.

Artificial intelligence is projected to replace thousands of banking jobs in the future. Anthony Jenkins, former CEO of Barclays Bank, predicts that during the next 10 years, advances in financial technology -- especially in artificial intelligence -- could cause the number of people employed by the financial services sector to decline by as much as 50 percent, according to a Condusiv Technologies news release. This would provide the industry large cost savings and enable a much more competitive atmosphere. James D'Arezzo, chief operating officer of Condusiv Technologies – based in Glendale, Calif. "The industry already spends more on information technology than any other industry – spends more than health care," he said.

Advances in artificial intelligence and automation could replace as many as half the nation's financial services workers over the next decade, industry experts say, but it's going to take a big investment to make that happen. James D'Arezzo, CEO of Glendale-based Condusiv Technologies, says that's where things are headed. And the process will be complicated. "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. Intensive hardware upgrades are often cited as an answer to the problem, but D'Arezzo said that's prohibitively expensive.

With the advent of chatbots, personal assistants, and robo-advisors, it may not be too hard to imagine that the next wave of technology could revolutionize the traditional style of banking. An Accenture report recently indicated that within the next three years, banks will deploy Artificial Intelligence (A.I.) as their primary method to interact with customers. In early 2016, Swedish-speaking Amelia became the first non-English deployment of IPsoft's AI platform at SEB, one of Sweden's largest bank. The bank adopted "digital employee" Amelia to integrate into its front-office. The cognitive agent solves problems just like humans "but in a fraction of the time", interacts just like humans and even senses emotions.

With the advent of Chatbots, personal assistants and robo-advisors, it may not be too hard to imagine that the next wave of technology could revolutionize the traditional style of banking. An Accenture report recently indicated that within the next three years, banks will deploy Artificial Intelligence (A.I.) as their primary method to interact with customers. In early 2016, Swedish-speaking Amelia became the first non-English deployment of IPsoft's AI platform at SEB, one of Sweden's largest bank. The bank adopted "digital employee" Amelia to integrate into its front-office. The cognitive agent solves problems just like humans "but in a fraction of the time", interacts just like humans and even senses emotions.