Financial and Business News

AI Might Be Cashing Out 30% of Finance Careers

Wednesday, 22/11/2023 | 13:22 GMT by Damian Chmiel
  • Finance professionals fear for their future due to AI.
  • According to industry workers, as many as 30% of people may lose their jobs within three years.
AI

Three out of four representatives of the financial industry fear that artificial intelligence (AI) may take away their jobs sooner or later. Moreover, 20% of finance professionals are "terrified" by AI tools' current capabilities and the pace of development.

Financial Specialists Are Afraid AI Will Take Their Jobs

As shown by the latest research conducted by FintechOS, almost 73% of financial industry employees from Great Britain and the USA are convinced that generative artificial intelligence (GAI) will make their work redundant.

GAI is a type of AI focused on creating new, original content, such as text, images, audio, and video. It leverages techniques like neural networks and transformers to analyze patterns in data and generate new output that mimics the style and structure of that data.

Nearly 60% believe the technology will lead to job losses within the next three years, and employment could be reduced by up to 30%.

"GAI will boost revenues but inevitably reshape the workforce and displace jobs," said Teodor Blidarus, the Co-Founder and CEO at FintechOS.

Currently, almost every second company invests in GAI research and implementation of solutions based on artificial intelligence. On average, financial companies in Great Britain allocate between £800,000 and £1.6 million for this purpose.

Younger Employees Are Excited, Older Terrified

The paper titled "Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry" showed that it is mainly older employees who are concerned about their future. Younger industry representatives suggest, however, that the new technology is "exciting."

Most representatives of the age group up to 44 called artificial intelligence a "friend.” In the case of financiers over this age, the majority described AI as a "foe."

Source: FintechOS
Source: FintechOS

"Every financial institution has started its GAI journey, and it's imperative to take the first step – even if it's a small one – to avoid being left behind," Bildarus concluded.

The report appears when there is a loud reshuffle in the AI market. Sam Altman, the creator of ChatGPT and the Co-Founder of OpenAI, was fired from his project, only to be reappointed as the CEO shortly after. The game is played for big money, as according to experts, the industry will be worth $2.6-4.4 trillion in the near future.

Three out of four representatives of the financial industry fear that artificial intelligence (AI) may take away their jobs sooner or later. Moreover, 20% of finance professionals are "terrified" by AI tools' current capabilities and the pace of development.

Financial Specialists Are Afraid AI Will Take Their Jobs

As shown by the latest research conducted by FintechOS, almost 73% of financial industry employees from Great Britain and the USA are convinced that generative artificial intelligence (GAI) will make their work redundant.

GAI is a type of AI focused on creating new, original content, such as text, images, audio, and video. It leverages techniques like neural networks and transformers to analyze patterns in data and generate new output that mimics the style and structure of that data.

Nearly 60% believe the technology will lead to job losses within the next three years, and employment could be reduced by up to 30%.

"GAI will boost revenues but inevitably reshape the workforce and displace jobs," said Teodor Blidarus, the Co-Founder and CEO at FintechOS.

Currently, almost every second company invests in GAI research and implementation of solutions based on artificial intelligence. On average, financial companies in Great Britain allocate between £800,000 and £1.6 million for this purpose.

Younger Employees Are Excited, Older Terrified

The paper titled "Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry" showed that it is mainly older employees who are concerned about their future. Younger industry representatives suggest, however, that the new technology is "exciting."

Most representatives of the age group up to 44 called artificial intelligence a "friend.” In the case of financiers over this age, the majority described AI as a "foe."

Source: FintechOS
Source: FintechOS

"Every financial institution has started its GAI journey, and it's imperative to take the first step – even if it's a small one – to avoid being left behind," Bildarus concluded.

The report appears when there is a loud reshuffle in the AI market. Sam Altman, the creator of ChatGPT and the Co-Founder of OpenAI, was fired from his project, only to be reappointed as the CEO shortly after. The game is played for big money, as according to experts, the industry will be worth $2.6-4.4 trillion in the near future.

Topics
artificial intelligence
AI
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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