More jobs or no jobs?
Let's be real: the question of whether AI could replace jobs in banking is a tough one. There isn't a clear answer. In my mind, it's both a yes and a no. Could some jobs be automated by AI? Definitely. But will we see a world where the entire banking system runs on robots and AI-powered machines? That's a hard no. A group of researchers who have been reseraching on this topic for a while believe that the "pace of implementing modern AI tools in financial services will be relatively slow when compared to other sectors" (Business Insider).
You might wonder why that's the case. Well, the financial services sector is unlike any other. It's one of the most heavily regulated industries out there. Banks and insurance companies are vital in the functioning of the society, which makes adopting Artificial Intelligence in these companies risky, to say the least. What if something goes wrong? What if there is a security breach? Can AI's lack of humanness further hinder bank operations rather than strengthening them? These are only some of the concerns that experts are struggling with as they consider adopting AI in the daily operations of their companies.
But let's not get too ahead of ourselves. While the entire banking system is unlikely to be run by AI, there are definetely some jobs at risk. Take analysis jobs, for example. If your role requires crunching numbers, working behind the scenes, analyzing data, and doesn't involve much human interaction, you might want to start thinking about carefully about your next move. Keep in mind that AI models are way more effecient and cost-effective than humans when it comes to simply analyzing data.
I get it. It sounds scary. But here's the thing: when AI takes, it also gives. If AI were to start taking over some jobs, it will create an influx of others! For instance, if AI takes over a job like analyzing stock market trends, banks will need experts to oversee this process. Here comes the need for AI specialists and managers. Employers, at this point have two options: reskill and train existing employees or hire new ones. Here's the good news—it's much more effective for employers to reskill their existing employees rather thanbring in new talent.
So what does all this mean if you don't have a banking job? Well regardless of your job status, it's crucial to remain up-to-date on the latest AI trends and tools impacting different industry. This is the perfect time to start tweaking your resume, exploring AI courses, and getting comfortable with using AI. Think of AI as a part of your daily life: something that will enhance your work, rather than destroy it.
Closure
So going back to our original questions: Are some jobs at risk of being taken over by AI? Most likely, yes. But will employees struggle to find new roles? Not at all, especially if they embrace the opportunity to reskill and grow alongside AI. In this era, being adaptable is probably one of the best skills to possess.