Inside Business podcast: What does the future of banking hold?

Former AIB chief executive David Duffy says drastic changes are on way for bank sector

Ciarán Hancock and panel at the Inside Business live podcast.

Ciarán Hancock and panel at the Inside Business live podcast.

 

What does the future of banking hold? Far fewer jobs for real people, according to former AIB chief executive David Duffy.

“Process activity, and frankly 75 per cent of a bank is basic process, [and] can be eliminated with robotics,” said Mr Duffy, who is currently head of Clydesdale Bank in the UK.

Mr Duffy was speaking at a live recording of The Irish Times Inside Business podcast, to an an audience of subscribers and banking professionals.

Likening advances in robotics and AI to “Pac Man, eating up the entire universe”, he said the changes have already caused drastic changes at Clydesdale.

“We had a big processing unit. There were about 800 people. And robotics, we put it in and 70 per cent of that is not required anymore. The cost of that is something like 12 per cent.”

Other panellists on the podcast discussion were Gavin Kelly, director of distribution channels with Bank of Ireland, and Mairead Jackson, managing director of Accenture

You can listen to the podcast on soundcloud, iTunes, or your preferred app.

Inside Business with Ciarán Hancock is produced in association with Irish Life.