There's a big difference between calculation and automation though. This article starts with an operation that's a bit of both, but the big underlying theme here is the automation of data digestion.
For all the pomp and pedigree of banking, it's mostly just moving data or digesting data. Because of how complex banks are, they're easily a decade behind the times and still HEAVILY reliant on manual processes in excel. Any real "streamlining" of processes is done through patchwork fixes with no systemic reworks being done.
This article is implying systemic reworks. Banks live and die on their NII, and would gladly gut their back and middle office personnel (most have done so by outsourcing to India and Hungary) with automation. Truth be told, rightfully so given the menial tasks of those jobs.
>> The program does the mind-numbing job of interpreting commercial-loan agreements
A computer program that interprets written language -- natural-language processing -- is reliant on highly-advanced, complex algorithms and AI to do the interpreting. This is much deeper than mindless "automation" and requires absolute trust in the accuracy of the underlying algo (or, hiring back some of those humans).
For all the pomp and pedigree of banking, it's mostly just moving data or digesting data. Because of how complex banks are, they're easily a decade behind the times and still HEAVILY reliant on manual processes in excel. Any real "streamlining" of processes is done through patchwork fixes with no systemic reworks being done.
This article is implying systemic reworks. Banks live and die on their NII, and would gladly gut their back and middle office personnel (most have done so by outsourcing to India and Hungary) with automation. Truth be told, rightfully so given the menial tasks of those jobs.