Robots to replace 200,000 US Banking Jobs in next decade

While the ATM, which recently turned 50 years old, added to convenience, it also helped to trim jobs in the industry. According to a report from Wells Fargo, a significant number of jobs could be lost over the next decade to robots. Welcome to The Atlantis Report . A recent report from Wells Fargo showed that banking will be the next industry hit by technology, with a significant number of jobs forecast to be lost over the next decade. According to the research, some 200,000 jobs will be replaced by robots over the next 10 years throughout the financial industry in the United States. It has revealed that back office, bank branch, call center and corporate employees are being cut by about a fifth to a third. This is also the case for other industries as well. As an example as much as 50% of the consulting services you might be buying can be automated. The issue with banks is their willingness to adopt as most managers perceived power is a direct function of how many people they manage as well as other “non-economic” factors. more and more jobs are lost in america, all companies trying to reduce staff or closing out of business, more lost jobs, then more jobs are lost with companies trying to cut more costs, and expect to gain business from a population of increasing joblessness, most of who are not counted in government statistics . Robots to replace soldiers, robots being developed to take away employment for millions . No one will need to apply for a home loan because no one will have a job to repay it. I suggest replacing our politicians and all those involved in the finance industry Wall street with robots first , that would save us, the worlds debt slaves from having to pay these parasites billions in salaries/ bonuses. While none of those things are bad measures, at some point they’re merely stopgap measures. What we’ll eventually be forced to do is entirely rethink some of our most basic assumptions about the structure of the economy. That is to say, throughout human history, productivity has been solely a function of human labor. No labor, no production. You could make it more efficient, or increase the scale, but you still needed - and need - humans at the controls. At some point in the foreseeable future though, that will no longer be the case. Humans will become so minimally necessary to so many aspects of production that all but the most skilled labor will be superfluous. And at that point, we’ll have to start rethinking our answers to questions like “how do we allocate all the stuff we’re making.” We’ve always used productivity (or some function thereof, however distorted) as a means of allocating the goods we produce - in simple terms, do work -> make stuff, get paid, buy stuff -> buying stuff tells us what we need to make more of. Replace the jobs with robots, and that falls apart. The industrial revolution at the turn of the 20th century actually did automate a great number of jobs and positions. It was arguably the most disruptive transition and one element of change led into the modern labor movement. But while there were several social and labor elements that were drastically altered - overall most people enjoyed a significantly higher level of access to food, medicine and resources. Since then it has been a consistent process of job creation, base job gets automated, worker either transitions to a new more skilled position or moves on with consistent wage increase year-on-year and better access to food, services, and support structures. This is how human history HAS been for the last century and a bit. Intelligent Systems are not a grand leap, but instead another minor step forward - but these Intelligent Systems will continue to advance until all jobs can be done equally well by a human or by a machine at any level - and the machine will likely be the more economical choice for highly repetitive tasks. As for sentient, sapient systems on the human scale . Those entities would be on a par with humans and would likely require similar rights and privilege. That said, the technologies and access represented by the base level of that technology suggests post-scarcity due to just-in-time supply, complete recycling of all non-chemically altered material, and near 100% recovery of all waste through the use of Drexler Assembler technology. The convergence point of those technologies is 2045 more or less a few years. I can’t tell you what things will look like *after* that point - singularities tend to be points beyond which no analysis can be made, but the odds are that it will be like nothing we’ve ever experienced in our history. And it will not be the first time something like this has happened - we’ve seen multiple civilizations transition through similar technological events with either great success or terrible failure. The scale of the transition is what makes this particular shift so unique. There are very few jobs that cannot eventually be automated. Going forward in a world with Automation, there will likely always be more people than labour to be performed by those people. Additionally, what labour is available may not be within the grasp/capabilities of a very large portion of the population. At some point we need to consider our economic systems and how we value our own species. To accept that all of this collective work of humanity over untold generations has been to arrive at a point where humanities value is intrinsic and not based on its labours. This is why Universal Healthcare, Universal Education and Universal Basic Income are *essential*. The US has not educated its population correctly, and because of that these people need access to education that will allow them to access the jobs that will exist. Automation is coming. And unless you are one of the people who can manage and support the automation in the fields where automation is replacing workers, you’re not going to have a job.








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