2.3 million – the number of jobs that could be lost to artificial intelligence in China’s financial sectors by 2027
Staff engaged in repetitious daily operations likely to bear the brunt of any cuts, says study by Boston Consulting Group
About 2.3 million finance industry employees in mainland China are likely to either lose their jobs, or be reassigned to new roles, by 2027, as they fall victim to disruptive artificial intelligence technologies.
A study by Boston Consulting Group (BCG) found that 23 per cent of the total 9.93 million jobs in the country’s banking, insurance and securities sectors will be affected, with entry-level staff engaged in repetitious daily operations bearing the brunt of any cuts.
“Many jobs, particularly those involving mechanical, repetitious operations, will gradually be replaced by AI,” David He, a BCG partner, said in a statement. “Consequently, some positions will be cancelled, but other positions will see improvements in efficiency, and new jobs will be created.”
The study is based on interviews with highly skilled professionals in the finance and AI industries, and the use of analytical tools, the global consultancy said.
Its findings come at a time when nearly all mainland banks are embracing the latest digital technologies to save human resource costs and enhance security and convenience. Facial recognition and big data technologies are increasingly being used in either automatic teller machines, or by credit assessment departments.
The industry also faces stiff competition from a booming financial technology sector.
A “robo-adviser” service has also been launched, which uses computer programs to dish out investment advice for retail clients over mobile banking platforms.
