A.I. will cut 200,000 bank jobs + The ‘feelings economy’: Make your job AI proof

A.I. will cut 200,000 American bank jobs over next decade, researchers say

INTRO: A new era of banking is upon us. The advent and rise of A.I. technological prowess is a force to be reckoned with. No industry is safe. The latest to be in the crosshairs is the banking industry. A recent report from analysts at Wells Fargo & Co. estimates that over 200,000 jobs will be cut over the next decade, as they claim there will be the "greatest transfer from labour to capital" the industry has ever seen.

The financial and banking industry at large has been investing $150 billion annually on tech. This will lead to lower costs as employee compensation accounts for roughly half of all financial firms and bank expenses. Senior analyst at Wells Fargo Securities LLC. Mike Mayo, figures that branch, call center and corporate employees are being cut from about a fifth to a third, while tech, sales and consulting positions were less affected.

Cuts of this size would whittle down the total amount of bank jobs by 10 percent. Workers in this field should be concerned. But according to Mayo, he also believes that this will usher in a "golden age of banking efficiency." He added, "It's been a rocky 25-year marriage for banking and technology but it's finally getting on course." (MORE)

How to prepare for the ‘feelings economy’ — and make your job AI-proof

INTRO: Ever feel worried robots will take away your job one day? There’s a way to avoid that stress, a new study suggests — you’ve got to get in tune with your feelings. Not just yours. The feelings of your co-workers, your boss, your clients and customers, too.

Listening, communicating, people skills, empathy and emotional intelligence will soon become more important job skills than “thinking tasks” like analysis, according to professors at the University of Maryland and National Taiwan University. With artificial intelligence and automation increasingly handling data dives and calculations in all sorts of professions, today’s “thinking economy” is fast transforming into the “feeling economy,” they determined in a study published in California Management Review, a peer-reviewed journal.

[...] The study pointed to 10 industries where feeling tasks are more important to jobs than in other industries. The fields include social services, sales, personal care and service, managers, food preparation, education, health care, protective services and business and financial operations. “All those are high-touch services and are intensive in social interaction, emotion, and communication,” the researchers wrote.

[...] businesses have long needed people who can read a room to close a sale and managers who know how to motivate workers. But those skills can’t be easily performed by AI. (MORE)

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Analysis of US labor data suggests 'reskilling' workers for a 'feeling economy'": . . . It means that if humans want jobs, they better get good at feeling," Roland Rust says. "Things like interpersonal relationships and emotional intelligence will be much more important." Even though people skills have always been important, what the researchers conclude is that the value of these skills will soon be of unprecedented importance.

Rust and Maryland Smith finance professor Vojislav Maksimovic, along with Professor Ming-Hui Huang of National Taiwan University, have been studying this shift. They sifted through U.S. Department of Labor data about work tasks associated with jobs and the people who perform those jobs, covering millions of workers throughout the U.S. economy. They coded the things people report doing in their day-to-day jobs as physical tasks, thinking tasks or feeling tasks and compared the breakdown for each job in 2006 and 2016. Their results reveal a profound shift across the board toward feeling tasks, a big indication that the move to a Feeling Economy is already under way.

Their paper, "The Feeling Economy: Managing in the Next Generation of Artificial Intelligence," appears in the most recent issue of the peer-reviewed California Management Review that examines how AI will change business. "This is something that is going to hit people before they know it," says Rust. "It's already happening. We're already seeing the shift in feeling as being more important, not only in terms of employment growth, but in terms of compensation growth. There is greater compensation growth in feeling than there is in thinking. This is really across the board -- you name a job and we can show a shift from thinking to feeling."

Take the job of a financial analyst, for example. Think that sounds pretty quantitative and thinking-oriented? No so, says Rust. The research reveals it has become much more feeling oriented in the last 10 years. "People are using more AI-powered tools that can do a lot more of their analytical work for them, and what's left in their job is to hold people's hands and to reassure them about things like stock market dips," he says. Going forward, those "feeling" skills become even more critical.

"What we're expecting is 'people-people' will be the ones who will be the big successes," says Rust. "This is different from how it is right now and how people assume it's going to be in the future." (MORE - details)
Leftist bias leads to self-affirming crap like a "feeling economy", where the fact of the matter is that any job that requires human judgement/discernment is AI-proof. You can't teach a machine to make decisions in gray areas, especially ones where some accountability is needed.

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