eFinancial Career's new whitepaper covers the intersection of technology with financial careers in order "to equip professionals and organizations with the insights needed to thrive in this transformative period. " Join us as we recap their analysis.
AI is Changing FinTech – And Fast
eFinancial Career's whitepaper highlights the key areas due to be transformed by AI, including banking services, investment strategies, risk management, and compliance.
There is the potential for AI to assist with many tasks, from acting as personalized chatbots for customers to helping investment firms by enabling high frequency trading and general asset management.
AI-Powered Careers
Although AI poses a risk to certain jobs, particularly those that involve repetitive tasks, it also opens the door to countless new opportunities. The whitepaper discusses the implications this will have in the financial sector, explaining that there will be a demand for professionals with advanced digital skills, such as AI specialists, data analysts, and cybersecurity experts.
To take this even further, eFinancial Careers notes that, "with the rise of AI, there has been a surge in demand for professionals who can bridge the gap between technical AI solutions and business applications. " This means jobs like AI business development managers, AI product managers, and customer experience experts are becoming bigger than ever.
Bridging the Gap
The rapid growth of AI in many sectors, including finance, has created a skill gap in the workforce. In their whitepaper, eFinancial Careers highlighted that "financial institutions are increasingly investing in training programs to reskill their workforce, aiming to equip employees with a blend of technical, analytical, and soft skills essential for the AI-driven market."
This includes continuous learning among professionals and students alike, including formal education and practical experience.
In universities, curricula especially suited for the FinTech sector are on the rise. These types of degree specializations include a focus data science, AI programming, and machine learning, as well as traditional fields like economics.
As for professionals who have already graduated, there are an array of online platforms like Coursera, Udemy, or LinkedIn Learning in order to stay up to date on technology. There are also certifications like the Certified Analytics Professional (CAP) and TensorFlow Developer Certificate, which can enhance both AI skills and credentials.
Navigating the Landscape
The whitepaper also highlights the ethical questions surrounding AI, like "data privacy, security, and the potential for bias in algorithmic decision-making," as well as job displacement. Luckily, the regulatory environment, especially within the EU, is developing almost as quickly as AI itself, with measures like the EU’s General Data Protection Regulation (GDPR).
eFinancial Careers' outlook for the future of AI in FinTech is positive. They envision "that AI will lead to more sophisticated predictive analytics, enhanced cybersecurity measures, and further personalization of financial services."
Want to Hear More?
AI presents both challenges and opportunities ahead for the FinTech industry. It is important that professionals work to develop both their technical and soft skills, while companies need to invest in research and development and foster an ethical culture surrounding AI.
eFinancial Careers wraps up their whitepaper, saying that the key to success in this new landscape is "embracing change, fostering innovation, and prioritizing ethical considerations."
If you are interested in reading more, don't hesitate to take a look at the full version.
