No, Robots Are Not Replacing Humans In Banking Sector – World Bank

Finally an answer to the ever concerning matter: Will technology replace humans?

By Radha Joglekar On Jan 4, 2019

Technology has advanced incredibly in the past 50 years. It has replaced many a human being in various fields.

There are machines which can execute all the work that humans used to do up until this point.

Fear has been expressed that if technology takes over, the common man will be rendered jobless and this possibility can be foreseen in the near future.

Technology holds the potential to take over 50% of the jobs of humans, one of which is banking jobs. The process has already started taking roots which is evident from the automatic passbook printing machines, auto deposit machines that have been introduced recently.

But, the new report from the World Bank assured that this is not happening any time soon.

The World Bank Report

The report by the World Bank, ‘The Changing Nature of Work’, states that the days are gone when people stuck to one job, one company, one place for their whole lives. People of the upcoming years will now have a lifelong curve of learning, will constantly explore through new and different jobs, even after they find their niche.

It cannot be ignored that innovation in technology has brought about a change for the greater good. Advancements in technology have improved the common man’s state of living and good health care facilities have been introduced. In spite of the world seeing better times, people are concerned about their jobs being swallowed by technology.

But another thing that the report highlights is that while technology takes over many jobs, it is safe to say that children of today will be working at jobs that don’t even exist as of today.

Read the whole report here.

From the Horse’s Mouth

On being interviewed, World Bank’s Chief Economist Pinelopi Koujianou Goldberg saidthat developing countries in Africa and similar regions can rely on their low wages and this could benefit them to grow their economies to catch up with other economies. But if machines replace people, the efforts taken by such countries to grow and develop at par with other countries will be tougher.

He also said, “This fear that robots have eliminated jobs — this fear is not supported by the evidence so far.”

As per Goldberg, the human race has survived three industrial revolutions in the past and we can definitely survive and adjust to the fourth one, which will show that machines will not be replacing humans anytime soon.

After all, robots will be here only as long as humans want them to be!