For Japanese banking, this may be the case
Not so much for the banks themselves, as they will always find a way to survive. It is more so for a ban’s employees. Because of the nature of banking regulations in Japan, the banks in Japan country do not earn money the traditional way.
The different aspects of Japanese banking do not necessarily rely upon hiring a human employee. Artificial intelligence can handle many of the duties now performed by Japanese banking employees.
The prediction is that a possible 30,000 banking jobs may be eliminated because of the technological advances.
The risk may be worth it
Even with this threat, many top Japanese students still consider banking a worthy career. Even if they do not like banking itself. The status of being hired by a powerful bank is what is stimulating their career thinking.
These students may not be worried about AI’s involvement in the Japanese banking industry. It is possible that there will always be people who do not trust machines. The customer will demand that they are serviced by another human.
Plus, the Japanese banks have not given up on human employees altogether. They still recruit top students from prestigious schools to enhance their own status.
While the situation may be a little confusing. Banks may opt for artificial intelligence to handle certain banking duties while not giving up on humans totally. Students know that the career they want may not be there in a few years yet still compete for banking jobs.
The issue is not confusing. The question is will the rise of artificial intelligence bring the demise of traditional banking? If so, then the world will be seeing a new large group of people taking their place in the unemployment lines. Or competing for the few good jobs currently available.
This issue tends to have artificial intelligence seen as an enemy and not a vital societal tool.
If this unemployment scenario is to become a reality, then it is predicted that society, in general, may not welcome the application of artificial intelligence. They may protest to their government leaders to put restrictions on how AI units can be deployed.
Or they may demand a cut in government financial support to those companies developing artificial intelligence units. Whatever the case, Japan is almost out of banking options and the issue must be dealt with carefully.
A miracle cure
This is the impression one can get when they look at all the attitudes of those developing artificial intelligence. The researchers’ excitement in developing something new ‘for society’ may lead them to forget about common sense and human problems.
These researchers appear to think that artificial intelligence is the miracle cure for everything that ails society. They do not seem to be looking past the capabilities and contribution of their creation and seeing what will be done to their human counterparts.
Artificial intelligence is not the problem. The problem is when the humans behind A.I. forget their limitations and responsibilities.