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From artificially intelligent hedge funds to quantum computing in fraud detection, it's easy to get excited about the future of financial services.
Yet the most significant impact of automation may be in process, not product, innovation. Whilst far from the most glamorous part of fintech, the automation of processes such as loan applications has substantial implications; from cost-cutting to increased speed.
Automating technologically sleepy parts of financial services could trigger an upheaval for the industry and its employees, analysts say. Citi estimates suggest US and European banks could shed nearly two million jobs in the next decade, as new technologies transform the sector and new competitors challenge lenders on their traditional turf.
https://next.ft.com/content/577216d8-0802-11e6-a623-b84d06a39ec2
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