Finance jobs will be most affected by AI
Political economist Will Hutton says ‘Alexa style’ will soon be automated [a voice-activated intelligent personal assistant] financial advisors could be commonplace in households, and artificial intelligence software could perform risk and credit assessments, as well as banking transactions, for financial firms rather than human staff.
Meanwhile, David Kelnar of venture capital firm MMC Investments said the type of staff companies will need will change dramatically, creating an “arms race” for highly skilled data analytics staff, who will become more sought after than front-line workers. “I think the types of people companies hire and the way organizations structure themselves are going to change significantly,” he said. “The most practical impact of this will be the growth and adoption of data scientists. There is going to be an arms race and a change in skills.
Mr Kelnar said that if companies did not adopt AI technology to strengthen their business, they would have to wonder who would be the “Netflix of their Blockbuster” – in other words, who could put them out of business. . “Over the next five years, companies using AI will begin to develop a significant competitive advantage. It’s time to act.’
Speaking via Skype at a conference hosted by Digital Jersey, Mr Hutton, Principal of Hertford College, Oxford, said finance would be one of the industries hardest hit by artificial intelligence.
“The financial industry, more than any other industry, will be at the forefront of the data revolution because it holds more personalized data about its customers and has more complex oversight than anyone else,” he said. “His ability to use it constructively, to assess risk, assess credit and assess who he wants to do business with, is going to become a key driver of successful performance.”
He added: “My own view on AI is that it’s here to stay. It is likely to do two things in financial services – all transactions and relationships will go to a thinking machine.
“I could see most households having their own personalized Alexa-like financial advisor, alerting them to what’s going on with their financial affairs and providing personalized advice. Such a device is almost with us. I also think AI is going to help us develop much better risk assessments.
Clara Durodié, chief executive of artificial intelligence consultancy Cognitive Finance, warned that companies that do not expand their use of artificial intelligence risk falling behind more forward-thinking competitors and could put jobs at risk. danger. She warned that a company she worked with had fallen behind its competitors and was taken over because it was not keeping pace with technological advancements.
“When you’re on a board that has so many employees, with families, and you’re not willing to understand what this kind of technology can do for you, that’s a problem because you put everyone at risk,” she said. .
She added that in small communities, staff layoffs can create “profound change.”