💰 Will banks slash 50% of their workforce with AI?
PLUS: Join A Free Online ML Course From TruEra
Arturo Ferreira & Martin Crowley
September 18, 2023
Premium // Sponsorship // Consulting
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Today we’re announcing the champions of last week’s AITR Insider giveaway! Also, another giveaway this week—this time it’s free MidJourney subscriptions.
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Today:
Will banks slash 50% of their workforce with AI? FT investigates
Read Time: 5 minutes
Our Report: Banks worldwide are looking to capitalize on the potential of AI with high-profile figures such as Deutsche Bank claiming that robots might replace 50% of their 98,000-strong workforce.
🔑 Key Points:
Rather than headline-catching applications—like robot bank tellers—banks are now leveraging AI to improve code development; with Deutsche Bank aiming to achieve a "double-digit" percentage productivity boost by the end of 2023.
Furthermore, HSBC has utilized AI in tools designed for anti-money laundering, risk reviews for commercial banking loans, and AI-enhanced facial recognition in their new London headquarters.
Controversially, Deutsche Bank’s claim that robots might replace half of its 98,000-strong workforce has proven too optimistic, with the actual decline in workforce numbers attributed more to regular cost-cutting measures than AI intervention.
Regardless of scale, AI in banking is already a staple in the industry with 77% of bankers believing that AI’s integration will determine the future success or failure of banks.
🤨 Why you should care: As banks invest more in AI, customers and employees alike will experience a shift in banking operations and services, making processes more efficient and tailored (hopefully).
In Partnership with TruEra
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✅ Innovation Matrix Framework
copy & paste ⬇️
"Using the 'Innovation Matrix' framework, please write a marketing campaign outline that identifies areas of our business where incremental or disruptive innovation can drive growth and describe how you would implement these ideas. Include specific tactics and metrics you would use to measure the effectiveness of this approach."
🎨 Modern App Design
💡 Tip: The following tip is credited to Chase Lean over on Twitter. He’s an absolute wizard on MidJourney and 100% worth the follow.
“square modern ios app logo design of a [type of app], ios app icon, simple ui, flat design, white background”
SoftBank is exploring AI investments, including a potential partnership with OpenAI, following its ARM unit's successful IPO ($65B).
CEO Masayoshi Son plans to invest significantly in AI and has shown interest in OpenAI after telling reporters “I’m a heavy user of ChatGPT” & that he speaks to Sam Altman “almost every day”.
Over the weekend Microsoft updated Bing Chat with new features enhancing accessibility and cross-device support (only for Android users).
Updates include transferring chats directly from a laptop to a mobile through a QR code and using Bing chat as a widget—meaning you’re always only 1 click away from using AI.
Silicon Valley's no-code AI firm, Pixis, secured $85M in a Series C1 funding round led by Touring Capital, raising its total capital to $209M.
Pixis provides global brands such as DHL, Carsome & more with a one-stop, no-code, generative AI solution for marketing where users can enter text prompts and develop comprehensive ad materials. I wonder how many jobs will be replaced by AI in the coming decade?
🥇 AITR INSIDER POLL 🥇
Thank you to everyone for entering!
Remember—we run this every single week. Every poll reply and referral automatically enters you into our weekly AITR Insider giveaway.
Over the course of 5 days, we received more than 7,000 entries in the form of daily challenge entries & referrals. We added a cumulative total to each account with more entries giving each user more tickets in the raffle. Winners announced below:
This week’s poll is in competition for MidJourney subscriptions and includes:
1 × 6-month MidJourney subscription
2 × 3-month MidJourney subscriptions
🥇 What is the TruEra course about? 🥇Tell us why it does or does not interest you! |
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Until next time, Martin & Arturo.
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