AI Might Be Cashing Out 30% of Finance Careers

<p><span>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.</span></p>
<h1><span>Financial Specialists Are Afraid AI Will Take Their Jobs</span></h1>
<p>As shown by
the latest research conducted by <em>FintechOS</em>, almost 73% of financial
industry employees from Great Britain and the USA are convinced that generative
artificial intelligence (<a href="https://www.financemagnates.com/tag/ai/" target="_blank" rel="follow">GAI</a>) will make their work redundant.</p>
<p><span>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.</span></p>
<p><span>Nearly 60%
believe the technology will lead to job losses within the next three
years, and employment could be reduced by up to 30%.</span></p>
<p><span>"GAI
will boost revenues but inevitably reshape the workforce and displace jobs,"
said Teodor Blidarus, the Co-Founder and CEO at FintechOS.</span></p>
<p><span>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.</span></p>
<h2><span>Younger Employees Are Excited, Older
Terrified</span></h2>
<p><span>The paper
titled "<em>Generative Artificial Intelligence: The Technology Polarising the
Financial Services Industry</em>" showed that it is mainly older employees who
are concerned about their future. Younger industry representatives suggest,
however, that the new technology is "exciting."</span></p>
<p>Most
representatives of the age group up to 44 called <a href="https://www.financemagnates.com/tag/artificial-intelligence/" target="_blank" rel="follow">artificial intelligence</a> a
"friend.” In the case of financiers over this age, the majority described
AI as a "foe."</p><figure data-media-><img src="https://images.financemagnates.com/images/Source%3A%20FintechOS_id_d856615a-cb02-4f8f-ae26-eb3eb0852419_original.jpeg" alt="Source: FintechOS" width="1062" height="605" wrapper-="wrapper-" data-src="https://images.financemagnates.com/images/Source%3A%20FintechOS_id_d856615a-cb02-4f8f-ae26-eb3eb0852419_original.jpeg" /><figcaption><div>Source: FintechOS</div></figcaption></figure><p><span>"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.</span><br></p>
<p>The report
appears when there is a loud reshuffle in the AI market. Sam Altman, the
creator of ChatGPT and <a href="https://www.financemagnates.com/tag/openai/" target="_blank" rel="follow">the Co-Founder of OpenAI</a>, was fired from his project, <a href="https://www.financemagnates.com/fintech/openais-ceo-drama-ends-with-sam-altman-back-in-charge/" target="_blank" rel="follow">only
to be reappointed as the CEO shortly after</a>. 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.</p>

This article was written by Damian Chmiel at www.financemagnates.com.