Junior bankers don't have to worry about their job being in the workplace for AI, according to Sopnendu Mohanty, CEO of Global Finance & Technology Network, an advisory and investment company.
Mohanty, 53, spent nearly 20 years working at Citi, leading the bank's global consumer lab network and program. In 2015 he became the first Chief Fintech Officer of the Central Bank of Singapore.
He said AI, like the internet and smartphones, can help make bankers more productive. With AI, one banker can attract more clients, Mohanty told Business Insider.
“When I joined banking in 1997, my ability to reach out to customers was limited. Smartphones and call centres – everything came later,” he added.
Using AI will be a win-win situation for banks and their junior recruits, Mohanty said.
“Your productivity will increase. You are attracting more customers. You will enjoy better customer loyalty in the process,” he added.
He is not the only financial executive who has said that AI will help a junior banker's career, rather than hurting it.
Goldman Sachs partner Kelly Blum said in an interview with the Financial Times earlier this month that AI “really improves the quality of the work our juniors are doing.”
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“They're going to do some shocking work while they're learning from AI assistants or while they're doing other things to help them,” said Blum, global head of the equity strategy group at Goldman Sachs' Private Wealth Management.
“If I were an intern or an analyst, I would now be a top user of assistant tools,” she added.
The rise of AI has fueled concerns that eliminating jobs could disrupt the job market. In May, Humanity CEO Dario Amody said in an interview with AXIOS that AI could wipe out 50% of entry-level office jobs over the next five years.
Jeremy Barnum, chief financial officer of JPMorgan Chase, told investors during the company's annual presentation in May that AI would make banks more efficient.
Barnum said his colleagues shared that they found AI useful and think “they're pretty good, too.”
“Amateurs aren't the only ones who are being helped by these tools. It's amazing and I have high hopes for efficient profits,” he added.
