AI Most Likely to Replace Traditional Retail Banking Jobs, Jianpu Technology Founder Says
Qian Tongxin
/SOURCE : Yicai
AI Most Likely to Replace Traditional Retail Banking Jobs, Jianpu Technology Founder Says

(Yicai Global) Nov. 30 -- With the widespread application of artificial intelligence (AI) in financial fields, more and more related practitioners are beginning to worry about their jobs, especially in the traditional retail banking sector, said David Ye, founder of Jianpu Technology Inc [NYSE:JT], a US-listed financial technology company, at the Yicai Media Annual Summit yesterday.

"Three major retail banking processes, namely depositing, lending and remitting are the easiest ones to be replaced by AI but it is less likely to take place in high-end businesses such as investment banking and private banking," Ye said.

Jianpu Technology, founded six years ago, has grown from a small company of just 10 people to become a leading financial technology company listed on the New York Stock Exchange.

"In the past few years, artificial intelligence has made progress in specific areas such as healthcare and driving technology. Some new AI applications in the financial industry have just emerged in the last two years. These new applications are inseparable from the development of technology in computer vision processing, including speech recognition and machine learning," Ye said.

At present, people can already connect to ID card databases and other big databases through facial recognition to make some simple, quick and convenient loan applications and assessments, and even get recommendations for suitable wealth management products.

"To apply for a credit card, for example, some banks can provide customized products according to the different needs of different customers and different qualifications. These are the latest applications that financial automation and intelligence can provide to people," Ye said.

"The era of AI applications in finance has arrived, but it will not be equally beneficial. Some institutions will lead, and some ordinary people, consumers and small and micro enterprises may become beneficiaries of it," Ye added.

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Keywords: Jianpu Technology Inc.