Jobs in finance will be the most affected by AI
Political economist Will Hutton said that soon to be automated ‘Alexa style’ [a voice-activated intelligent personal assistant] financial advisers could be commonplace in households, and artificial intelligence software could perform risk and credit assessments, as well as banking transactions, for financial companies rather than human staff.
Meanwhile, David Kelnar of venture capital firm MMC Investments said the type of staff businesses will need will change dramatically, creating an “arms race” for highly skilled data analytics staff, who will become more and more. sought after as front line workers. âI think the types of people companies hire and the way organizations structure themselves are going to change significantly,â he said. âThe 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 if companies don’t embrace AI technology to bolster their business, they should ask who will be the ‘Netflix of their blockbuster’ – in other words, who could bankrupt them. . âOver 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, director of Hertford College, Oxford, said finance would be one of the industries most affected by artificial intelligence.
âThe financial industry, above almost any other industry, will be at the forefront of the data revolution because it holds more personalized data on its customers and has more complex oversight than anyone,â he said. âHer ability to use it constructively, to assess risk, assess credit and assess who she wants to do business with, will become a key success factor. “
He added, âMy take on AI is it’s here to stay. It’s likely to do two things in financial services – all transactions and relationships are going to go to a thinking machine.
âI could see most households having their own personalized Alexa-style financial advisor, who alerts them to what’s going on with their financial affairs and provides one-on-one advice. Such a device is almost with us. I also think AI is going to help us develop much better risk assessments.
Clara DurodiÃ©, managing director of AI consulting firm 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. She warned that a company she worked with had fallen behind its competitors and was bought out because it was not keeping pace with technological advancements.
“When you’re on a board of directors that has so many employees, with families, and you’re not open to understanding what this kind of technology can do for you, that’s a problem because you put everyone at risk, âshe said. .
She added that in small communities, layoffs can create “profound changes.”