The only major Swedish bank that cut costs last quarter is investing heavily in automation.
The robots are coming: Casper von Koskull, the CEO of Sweden-based Nordea Bank, predicts that the banking industry will slice its workforce in half over the next 10 years. Last year, Koskull announced that the company would cut 6,000 jobs in favor of automation.
The cuts: So far, employee numbers have been slashed by 2,500. Roles cut include asset management and customer service.
The results: That’s been enough for Nordea to see huge monetary benefits so far. According to second-quarter results, the bank cut costs 11 percent year over year and increased profits by 31 percent, which made Nordea the top performer among Sweden’s major banks.
Why it matters: Nordea’s experiment is motivating other regional banks to automate more quickly and begin relying more heavily on robots. The company’s proof of concept could speed up the adoption of AI and automation in banking and, if success continues, serve as a benchmark in the finance industry.
DeepMind’s cofounder: Generative AI is just a phase. What’s next is interactive AI.
“This is a profound moment in the history of technology,” says Mustafa Suleyman.
What to know about this autumn’s covid vaccines
New variants will pose a challenge, but early signs suggest the shots will still boost antibody responses.
Human-plus-AI solutions mitigate security threats
With the right human oversight, emerging technologies like artificial intelligence can help keep business and customer data secure
Next slide, please: A brief history of the corporate presentation
From million-dollar slide shows to Steve Jobs’s introduction of the iPhone, a bit of show business never hurt plain old business.
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.