These robots are stealing my job!

Two of the largest Scandinavian banks, Nordea and Danske Bank, are planning on replacing a large part of their staff that is employed in its compliance and financial crime department, shifting towards robotics and artificial intelligence.

Both banks recently hired a significant number of new employees to add to their compliance and financial crime departments, but at the same time they plan to decrease this number rather soon.

At this moment, 80% of all suspicious alerts of potentially criminal transactions at Nordea are handled by a group of hundreds of employees, while only 20% is handled by algorithms. The company’s head of financial crime expects to reverse these ratios, which means that 4 times as little people will be needed to manually check these transactions.

Head of Financial Crime Prevention at Nordea – Mikael Bjertrup, commented: We’ll be fewer people in the future, but our defense will be better.” “We won’t need as many as 1.500 employees in the future, as technology improves.”

Head of Compliance at Danske Bank – Philippe Vollot, commented: “You always go through a point where you need actually to add a lot of resources because you don’t have yet the technology to support you.”

He continues as he states that eventually “Technology kicks in and you benefit from proper systems, algorithms, scenarios, case management platforms and ultimately artificial intelligence and robotics.” “Usually this it the phase where you start to reduce the number of people you need.”

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Source: Nordic banks to cut compliance staff in favour of robots - ... Nordea and Danske Banks plan to replace humans with robots - ... Nordic Banks Prepare to Cut Compliance Staff as Robots Move In - ... Bank Compliance Jobs at Risk as Nordea, Danske Target Robots -

Curated by 80dB

Author: Kevin Houtop

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