Bank of America's Workers Prepare for the Bots
June 19 2018 - 11:00PM
Dow Jones News
By Rachel Louise Ensign
Bank of America doesn't want employees to worry that its new
virtual assistant, Erica, will change or eliminate their jobs. It
wants them to prepare for that to happen.
Erica made its debut this year as one of Bank of America's
highest-profile efforts to use artificial intelligence. Responding
either to speech or text commands, Erica helps customers perform
basic banking tasks, like locking a missing debit card or finding
routing numbers.
But while the virtual assistant -- the first to be offered in a
large U.S. lender's app -- is intended to bolster the customer
experience, such innovations pose a threat to existing jobs. To
help workers cope, Bank of America recently launched a set of
online courses to train them for new and evolving roles in the
company.
Changes coming
About three years ago, Chief Operations and Technology Officer
Cathy Bessant realized that technological changes were
fundamentally transforming the nearly 95,000 jobs in her unit, she
says. Her division consists of staffers who build and run the
digital tools that underpin the bank, as well as employees in call
centers and loan processing. Some of those jobs will go away, Ms.
Bessant says, while for others, new roles and responsibilities will
emerge.
Across the banking industry, 1.2 million jobs are expected to be
affected by AI technologies like Erica, according to a 2018 report
by Autonomous Research. Such tools will allow many employees to do
their jobs more efficiently, the report says. But thousands of
others will find their roles eliminated.
Technology has already changed the nature of work in the banking
industry. Many customers, for instance, now perform routine tasks
themselves, such as depositing checks digitally instead of visiting
a branch. In response, Bank of America and others have minimized
the role of tellers and boosted sales staff in branches. AI is
expected to continue to affect customer-service roles such as
tellers, the Autonomous report says.
Ms. Bessant believes cheap, high-speed computing power means
technological change in the industry has now escalated to a pace
rivaling the Industrial Revolution. Tasks that involve
"routinizable skills that don't add customer or company value" will
be automated, she says, and tools like Erica will allow customers
to get help quickly without a human intermediary.
The Charlotte, N.C.-based bank already has cut the number of
employees across the bank to 209,000 at the end of 2017 from
282,000 at the end of 2011. Going forward, Ms. Bessant doesn't
think the number of employees in her unit will necessarily decline
further. Instead, she says, the nature of those jobs will change.
While some roles will be automated, new jobs will be created to
analyze and oversee the automated processes.
A new university
The new online courses -- dubbed GT&O University -- are part
of an effort to make the transition go as smoothly as possible. The
online training, which was rolled out in late April, grew out of
the bank's desire to train employees for those new jobs and the
"very real and day-to-day need for people to stay motivated about
working here," Ms. Bessant says. The courses are available to
workers in Ms. Bessant's global tech and operations unit. Employees
can choose from classes in four "colleges" encompassing basic
banking skills, technology, operations and leadership.
Within each college, employees can pick different topics and sit
through beginner, intermediate and advanced training. The topics
currently have about 20 to 30 hours of content each, and include AI
and various coding languages.
There are also courses on the bank's efficiency initiative known
as "operational excellence." In these popular classes, employees
learn to document and measure clients' experiences, for
example.
The courses are optional, but the bank says they have already
been taken more than 20,000 times. The bank says course completions
in relevant subjects are starting to become a factor in internal
job applications.
When asked how many of the roles in her unit will change in
coming years, Ms. Bessant says: "100%. Including, by the way,
mine."
Ms. Ensign is a reporter for The Wall Street Journal in New
York. She can be reached at rachel.ensign@wsj.com.
(END) Dow Jones Newswires
June 19, 2018 22:45 ET (02:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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