This article explores the impact of AI on the finance sector and workforce.
The digital revolution is here and there’s no denying that technology is moving at such a pace even the greatest of us are struggling to keep up. The major topic on everyone’s lips right now of course is AI, this year alone we have seen huge advancements in AI technology from the likes of Google who only a few months ago released the Google Assistant (Duplex) to the world. An AI algorithm now capable of calling restaurants and booking reservations for us using natural language processing and Machine Learning, in such a way the real life person on the other end doesn’t know they are simply talking to a machine. The impact of this in time to come will be astronomical. Imagine when this is capable of becoming the new mobile phone and home technology of the future!
The elephant in the room of course is, does this mean AI will replace human jobs? The answer to this is yes but not all jobs. We must be realistic and say it will replace some of the tasks we perform in our current roles. A recent report from Gartner suggests that while AI may change up to 1.8 million traditional jobs. It will create 2.3 million new jobs in replacement. This means that AI will fundamentally impact the day to day of what we do. AI isn’t here to replace us, it’s here to enhance us and make us more efficient and that’s the mind shift we need to take with us as we embark on this new job share journey of human and machine.
How will this impact the finance sector?
At the World Economic forum last year many financial leaders agreed that banking faced one of its biggest turning points yet in regards to technology. With some likening it to the Uber revolution.
With the finance sector set to be one of the biggest industries to be revolutionised by the automation of AI it is critical we establish impacts to various roles early and start to train and reskill your workforce now. Areas such as Risk assessment, Fraud detection and management, financial advisory, trading, retail banking and customer care are set to be some of the main areas impacted by AI. The saviour who will help to navigate you through these times of change will become your Learning departments.
How will learning help me to shape the workforce of the future?
First of all we must recognise the fact, our organisations are about to embark on a fundamental culture shift. The biggest task ahead will be finding the balance between human and machine. This means we will have to reskill people on how to work with the new technology by using new technology. If we are truly going to adapt to a more digital way of working then we have to learn in a digital way.
The road ahead may for now seem uncertain, change is coming and for some of us it’s already here. However we must see this as an opportunity to change the way in which we work for the better. More efficient, more collaborative and more sustainable, that is our future. There will be challenges ahead, the culture change will be huge, do not take that lightly. Work with L&D and other learning providers to address this as early as possible, don’t be afraid to invest in new solutions and plan ahead.