BCG predicts 23% of finance jobs could be lost to AI by 2027

A study by Boston Consulting Group (BCG) found that 23 percent of the total 9.93 million jobs in China’s banking, insurance and securities sectors will be affected by AI by 2027, with entry-level staff engaged in repetitious daily operations bearing the brunt of any cuts.

“Many jobs, particularly those involving mechanical, repetitious operations, will gradually be replaced by AI,” David He, a BCG partner, said in a statement. “Consequently, some positions will be cancelled, but other positions will see improvements in efficiency, and new jobs will be created.”

The study is based on interviews with highly skilled professionals in the finance and AI industries, and the use of analytical tools, the global consultancy said.

AI will also improve the efficiency for the remaining 7.7 million finance industry employees by 38 percent by 2027.

BCG has a collection of articles analyzing the business strategy for AI.

There is a gap between expectations and actions in regards to AI.