Think AI will replace human bankers? Don’t bank on it.

Headlines that suggest artificial intelligence is replacing bankers miss the point: Banking has always been and will continue to be fundamentally about trust and relationships. As AI changes the face of the industry, it’s enhancing, rather than replacing, the human banker.

Think of the complicated dance involved in a large business loan: AI can instantaneously run the numbers, flag risks and recommend the best terms. It cannot read determination in a startup founder’s eyes, understand the dynamics specific to a family business or understand local market intricacies that might not be reflected in the data.

Human bankers are more indispensable for a deeper reason: Banking is about risk management in a deeply uncertain world. AI also parses historical data but fails to analyze unprecedented situations and qualitative factors. COVID-19 was the best example of this: Banks needed human judgment to differentiate between those businesses that were temporarily distressed and those that were fundamentally unstable.

The future of banking is not a choice between artificial intelligence and human intelligence; it is artificial intelligence added to human intelligence. The most successful banks will be those that use AI to enhance the capabilities of their bankers while maintaining the truly irreplaceable aspects of relationship banking. The real challenge is, thus, not saving banking jobs from AI but getting bankers to work efficiently with it. Banks need to train their workforce in the role of AI — the strengths and weaknesses — and prime them to possess interpersonal and strategic skills that machines alone cannot deliver.

Consider the dynamic regulatory landscape in banking. In increasingly complex and interlinked financial systems, regulators stress human oversight and accountability; AI systems, for all their power, cannot be held accountable like human decision-makers can. This human accountability is key to public trust and ethical banking practices. In times when businesses are in financial distress or individual life-altering financial decisions have to be made, what is needed goes beyond prewritten programs and trained models. Bankers need empathy, understanding, and the ability to negotiate flexible solutions that consider both human and business aspects.

AI in banking is going to create an opportunity for a redefinition of the banker’s role from that of a simple transaction processor to a real financial advisor and strategic partner. AI will automate most jobs that require mechanical or repetitive effort yet bring more depth and nuance to client relationships, larger market trends and financial guidance. Let’s stop asking if AI will replace bankers and instead build a banking system that embodies the best of both worlds.