CFTE continues its series of deep dives into AI in Finance, looking at how financial services must consider new age solutions, ethical dilemmas, market structure and talent as a result of these changes.
Artificial intelligence in finance has undoubtedly brought the industry to the next level and is set to revolutionise the way it works. However, it may also have an adverse, short-term effect on human capital. With AI reducing the need for human labour when performing mundane or routine tasks, this may leave some people out of a job. Similarly, if smaller or mid-sized firms form alliances and partnerships, or are merged with other companies to diversify their data pools, this may also affect people in the short-term as some may be susceptible to retrenchment.
Although AI will open up new avenues for humans to focus on, this will undoubtedly require training or upskilling to learn new skills. In any industry, efficient processes exist thanks to a combination of human and artificial strengths – some basic examples include a carpenter and his tools, doctors and medical machinery, or engineers and specialised software. In the same way, the world of finance has already been highly reliant on this combination of human and artificial strengths; AI is just the next step in this season of evolution.
This is reflected in the views of Erkin Adylov (Behavox) in the CFTE AI in Finance course, saying that thanks to automation, individuals will be free “to start using their imagination and go into more creative roles within the bank”.
He adds that “this will be a big productivity boost because the creativity that it will unlock is going to be unseen in the context of human history.”
However, such creativity can only be unleashed with an understanding of AI in finance and how it works and its effect on processes. There may be casualties in the short-term, but it is also part of the growing pains that accompany any major industry development. In the same way that computers and the Internet completely changed the way in which we work, AI has the potential to break through existing barriers to create new boundaries for what is possible within not just finance, but all industries the world over.
About the AI in Finance programme
The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.
With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.
These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.
We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.
Cover image from numadic.com
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