AI will impact more than half of finance jobs -- banks to spend $40 billion: Citi

"This process requires an ability to efficiently validate, understand, and store content of documents to correctly implement client instructions"

“There are some drawbacks to letting AI do banking on your behalf” analysts at Citi wrote in a report – which suggests 54% of finance jobs could be automated as banks spend $40 billion on generative AI by 2026.

The report does not spell out those drawbacks in great and nuanced detail.

It does offer many examples of where generative AI could be potentially transformative for banks. As well as developer productivity, “customer onboarding (KYC and CDD processes), loan origination,  and compliance checks” are all ripe for automation, Citi’s analysts suggested on June 20.

“These processes, which are even more complicated and time-consuming in corporate than retail banking, often involve multiple touchpoints, paperwork, and approval and review cycles,” Citi added in the report. 

“This process requires an ability to efficiently validate, understand, and store content of documents to correctly implement client instructions…”

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