Question

How is employment in banking industry affected by artificial intelligence? Will it collapse?

Are all types of jobs equally likely to be affected by automation? why?

What are the implications for inequality? Explain.

Will the effect of automation be the same in the short-run and in the long- run? How so?

Answer 1

● The employment in banking industry affected by artificial intelligence in the way is :

Artificial Intelligence has spread into most of the areas and now the latest industry to be impacted is banking. With the increasing presence of artificial intelligence in banking there's concern that the job market will suffer . As per now , there is serious competition in Innovative startup which has come into the market. The competition from startups such as transferWise , circle , WorldRemit are continusly growing. While all of these points to be big changed in the industry , we cannot say that it collapse , because it's clear that human are still needed to make it work .

● Jobs which are affected by automation

We cannot say that all types of jobs affected by automation . Jobs that will definitely get affected the most by automation are those which include repetitive and simple tasks , as well as blue collar jobs . Like :

• Repetitive works like run tests on every day basis or on every new build .

• Work that need human intervention can be automated by trigger scripts.

• Like BPO works employee collects data in documents and feed them into their systems.

These types of jobs will affected by automation.

● Implications for inequality from artificial intelligence is :

Also , ineqality can greatly increases essential what's happening with artificial intelligence. The basis reality is that the vast majority of people on earth really only have one thing of value and that is the value of labour . Over time it makes our society more unequal because most of the wealthy people tends to own lots of capital and most other people do not own much .

● The effect of automation in the short and long run :

In the short run , people are worried about specific jobs , mainly of low - skilled employers.

Example - Like transportation, one of the largest sector for employment in the United States, being automated by self - driving cars . And the long run conversation focuses more on the possibility that more jobs will be automated, again with a focus on lower - skilled workers , as there is a belief an underclass will develop that will need more creative social safety provisions from the government.

Researches from the Leverhulme centre for the future of intelligence argued that there is a need to bridge concernes about the short term and long term consequence of artificial intelligence, of which automation is major one . If we see , the automation effects more on short run compare to long run .