Jack Kelly of Forbes –
We’ve been told that there is nothing to worry about with artificial intelligence (AI), robots and technology. New technologies will only replace mundane, repetitive jobs and free up workers to do more meaningful work, claims the media and top management consulting firms.
But recently, the House Financial Services Committee’s Task Force on Artificial Intelligence conducted a meeting with university academics and Wall Street financial services professionals to discuss the impact of AI on trading, robo-advisory, market surveillance and other activities within the financial services sector. To set the tone, the report by Wells Fargo predicting 200,000 banking jobs in the U.S. will be lost over the next decade—due to the introduction of new technologies—was cited by the chairman of the AI Task Force, Rep. Bill Foster (D-Ill).