Bankers Will See AI Transform Three-Quarters of Day, Study Says (bnnbloomberg.ca) 36
AI is likely to replace or at least lend a hand in tasks that take up almost three-quarters of the time bank employees now spend working. From a report: That's the conclusion of a new analysis by consultancy Accenture, which said banking has the potential to benefit more from the technology than any other industry. Just 27% of employees' time currently has a low potential of being transformed, according to the analysis. "There is a reinvention that is happening across banks, a way for firms to step back and re-evaluate ways of working," Keri Smith, global banking data and AI lead at Accenture, said in an interview.
The release of ChatGPT more than a year ago prompted many firms to boost hiring for AI-related positions and test more uses for generative AI, which can summarize documents, write emails and churn out responses to users' questions. The world's biggest banks have been experimenting, spurred by the promise that the technology will boost staffers' productivity and cut costs. "Every bank needs to think through their talent strategy, and how to take this technology to scale," Smith said. At Citigroup, all 40,000 coders will have the ability to experiment with different AI technologies by the end of March. Analysts at Bank of New York Mellon can wake up two hours later to write their research, because AI technology can create a rough draft and prepare related data for them overnight, Chief Executive Officer Robin Vince said on an earnings call last month.
The release of ChatGPT more than a year ago prompted many firms to boost hiring for AI-related positions and test more uses for generative AI, which can summarize documents, write emails and churn out responses to users' questions. The world's biggest banks have been experimenting, spurred by the promise that the technology will boost staffers' productivity and cut costs. "Every bank needs to think through their talent strategy, and how to take this technology to scale," Smith said. At Citigroup, all 40,000 coders will have the ability to experiment with different AI technologies by the end of March. Analysts at Bank of New York Mellon can wake up two hours later to write their research, because AI technology can create a rough draft and prepare related data for them overnight, Chief Executive Officer Robin Vince said on an earnings call last month.
3/4 (Score:5, Insightful)
From now on, bankers will spend 3/4 of the day fixing problems caused by reliance on AI.
Re:3/4 (Score:5, Insightful)
Step 2. Bank gets sued
Step 3. Bank limits AI to "safe levels", that cripple it and make it effectively useless (a hallucination machine that can't hallucinate)
Step 4. BINGO! Back to where we are, with useless chatbots.
Re: (Score:2)
"No, Mom is NOT classified under 'cattle' on my taxes, Idiot BankBot!"
Re: 3/4 (Score:2)
No, damn robot, my golf course cannot be classified as a cemetery in this years tax form! Stupid chatgpt... Oh, wait!
Re: 3/4 (Score:3)
https://www.bbc.com/travel/art... [bbc.com]
Re:3/4 (Score:4, Insightful)
God, Slashdot has become an awful place. When the fuck did it become such a cesspool of anti-technology assholes who can't see any further than their own nose?
With all the developments and the ridiculous speed of progress of the past year, do you really think the hallucination thing can't be remedied? Even if the gobs and gobs of R&D money and mindshare thrown at it don't succeed in fixing it on a technological level, the ridiculously old and proven technique of just having in internal check/review by somebody else fixes your retarded scenario.
We aren't anti-technology. We're anti "move fast and break fucking everything all the time, everywhere." Unfortunately, business leaders are buying the hype, and the current round of AI isn't up to the task that the hype is promoting.
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We aren't anti-technology.
You may not be, but the person I was responding used these words:
"BINGO! Back to where we are, with useless chatbots."
Calling the "current round of AI" useless chatbots is myopic, retarded and anti-technology. Your head has to be pretty far up your own ass to ignore the incredible and clearly quite usable advancements of the past year in the field of AI.
Re: (Score:2)
We aren't anti-technology.
You may not be, but the person I was responding used these words: "BINGO! Back to where we are, with useless chatbots."
Calling the "current round of AI" useless chatbots is myopic, retarded and anti-technology. Your head has to be pretty far up your own ass to ignore the incredible and clearly quite usable advancements of the past year in the field of AI.
On the other hand, watching the current progress and still seeing AI spit out some truly next-level stupid, all while being told these machines are going to take all our jobs, and we'll love them for it, kinda puts the less tech-first, humans later folks into a tizzy. There's a LOT more hype about these things than they currently deserve. It's not that there hasn't been progress, it's that the progress is sooooooo overblown that there's going to be backlash. Calling that backlash anti-technology is about as
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Nonsense. The word 'useless' has a very clear meaning. Don't try to defend that jaded grumpy old man bullshit.
If you've missed the news, please look into how adding the transformer architecture to image and video generation AI has yet again blown everything before it completely out of the water: https://openai.com/research/vi... [openai.com]
If you want to call that progress 'overblown', 'truly next-level stupid' and 'useless', go ahead. I'll stick to being open minded, open eyed, and scientific. The transformer architec
Re: (Score:2)
Nonsense. The word 'useless' has a very clear meaning. Don't try to defend that jaded grumpy old man bullshit.
If you've missed the news, please look into how adding the transformer architecture to image and video generation AI has yet again blown everything before it completely out of the water: https://openai.com/research/vi... [openai.com]
If you want to call that progress 'overblown', 'truly next-level stupid' and 'useless', go ahead. I'll stick to being open minded, open eyed, and scientific. The transformer architecture and what is being done with it really is something amazing (and terrifying), even if it is not perfect yet.
While I tend to remain open-minded on most subjects, when marketers are promoting the idea that these systems are ready for prime-time, there needs to be some form of pushback against it when they clearly are not. See the latest front-page story about yet another Lawyer citing cases that don't exist thanks to ChatGPT. The hype is overblown. And they do put out some truly next-level stupid stuff, no matter how open minded you are.
We're public beta'ing these things. Maybe public alpha'ing. And they're being s
Re: (Score:2)
I hate marketing and sales drivel as much as you do, but it's wholly the wrong thing to focus on. Ads gonna ad, marketeers gonna marketeer, you're not going to stop that without fundamentally changing our economic system. And what of it? What are you actually going to achieve by 'fighting' marketing assholes via comments in this community?
I am not exaggerating here: We are at the advent of the next step in the evolution of intelligent life. We always knew it would happen at some point in the future (we're p
Re: (Score:2)
God, Slashdot has become an awful place. When the fuck did it become such a cesspool of anti-technology assholes who can't see any further than their own nose?
How is this even anti-technology?
With all the developments and the ridiculous speed of progress of the past year, do you really think the hallucination thing can't be remedied?
What would a remedy actually look like? And how do you know your answer to this is actually seeing further than your own nose?
Even if the gobs and gobs of R&D money and mindshare thrown at it don't succeed in fixing it on a technological level, the ridiculously old and proven technique of just having in internal check/review by somebody else fixes your retarded scenario.
For an internal check or review to do that, you're literally talking about having a review for basically every question that could be asked. Do you see the problem with that?
Re: (Score:2)
How is this even anti-technology?
Calling the incredible advancements in AI "useless chatbots" is clear anti-technology speak.
What would a remedy actually look like?
AI that doesn't hallucinate. Demanding of me that I now personally come up with the solution for hallucination is unreasonable. Having said that, what might work is something like self-validation of the answers, using external systems or even just the AI asking "was the answer that I just gave truthful?" Pushing the AI to include more qualifiers as to the level of certainty it has in different elements of an answer w
Re: (Score:3)
Re: (Score:2)
Maybe some people have matured a bit more than "hey, new tech, cool!" and think a bit more about it critically. The AIs are hallucination machines, not knowledge machines, by DESIGN, so it's a bit hard to remedy.
This is exactly what I'm talking about. You don't understand well enough what they are (even AI researchers don't, so have some humility), but you do latch on to one of the few elements in which this new tech is imperfect, ignore the enormous impact it already has in its fairly infant form, and pooh-pooh it and everything slightly like it for the remainder of the existence of this universe.
Think about tasks like speech recognition, image recognition, OCR, translation and all the other tasks that these "by D
Re: (Score:2)
Given the banking industry's history of racial bias, I sure hope somebody's looking out for the 3/4ths folks. Depending on what they're ingesting for source material into the large language model, redlining could come back by accident fairly easily.
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Think of it as a 15% improvement - they used to be 3/5 people.
3/4 ? (Score:2)
In theory... (Score:2)
...this is great, with competent AI robots accurately doing tasks that people make mistakes doing
In practice, it will be another instance of enshittification, making customers even more angry as stupid robots make their lives even more miserable
I still believe that future AI will be good on balance, but the transition will be painful
Re:In theory... (Score:5, Insightful)
...this is great, with competent AI robots accurately doing tasks that people make mistakes doing
Even assuming your optimistic scenario (not the in practice one) pans out bear in mind this:
The release of ChatGPT more than a year ago prompted many firms to boost hiring for AI-related positions and test more uses for generative AI, which can summarize documents, write emails and churn out responses to users' questions.
If the document can be reasonably summarized, why was such a long one written?
And if the AI can write emails, presumably from a short prompt, then why does it need to be longer than that prompt in the first place?
The implication that they haven't admitted to is that there was an awful lot of shit and busywork being done making the recipients lives harder by having to wade through the busywork. Rather than doing the obvious thing of removing the shit, they are making tools to generate the shit more efficiently.
Even your optimistic scenario is bad.
Re: (Score:2)
Would they trust someone else's AI? (Score:2)
I could see the banking industry creating their own AI
Not going to trust them again. (Score:2)
With management like this... get out now!
Accenture changed their name they screwed up their job so badly or corruptly!
So they can do more massively huge fraud and now blame the AI; although, nobody really gets in trouble, so why bother? oh yes, it's raising stock prices like mentioning blockchain did...
Re: (Score:2)
They absolutely would trust someone else's AI. Banking is very willing to use software products made by all kinds of vendors. I saw this first-hand from working in mortgage processing. A single mortgage may be processed by software from 50-100 different software vendors, including those that claim "AI" capabilities.
Dumb contracting company offers dumb take (Score:4, Insightful)
God forbid it's a human hand in your pocket. (Score:2)
time to retrain (Score:2)
What can these excess bankers do that AI cannot? Direct traffic and fill pot holes? The possibilities are endless.
This can't go wrong (Score:2)
Not going to end well ⦠(Score:1)
banker's dozen (Score:2)
iow (Score:2)
Bankers Will See AI Transform Three-Quarters of Positions To Redundant, Study Says
Soon: (Score:2)
"Global markets are in freefall today as chat bots hallucinate amount of money in bank accounts."
we all know how this goes (Score:2)
"AI is likely to replace or at least lend a hand in tasks that take up almost three-quarters of the time bank employees now spend working"
=
Banks announce 75% employee layoffs.
Some of us are old enough to remember when you went into a bank, ALL THE TELLER WINDOWS HAD HUMANS. ....until ATMs.
No thanks (Score:2)
Oh great, now visits to the bank will be like this [youtube.com].