People working in fintech and the wider financial services sector will tell you. AI is neither a danger nor a novelty for industrial jobs. First introduced in the 1980s, « expert systems » have long been used to predict market trends and develop personalized financial strategies.
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Artificial intelligence figures
By 2020, the globalAI in financial services was already affirming this. 85% of all survey respondents were already using some form of AI for deeper, data-driven insights. A necessity to increase their speed and efficiency, thus improving service quality.
The study also revealed that in 2022, 77% of participants expected AI to have a higher overall importance for their business. 64% expect to be « mass adopters » of AI at this stage, compared with just 16% in 2020. They will use it to generate revenue, automate processes, improve risk management, customer service and customer acquisition.
It’s now 2023, and things are looking up. The rise of generative AI has sent shockwaves across the globe in many sectors. A (r)evolution that has already created 133 million jobs worldwide. According to a McKinsey report, the adoption of AI in all its forms has more than doubled since 2017 in industrial settings, and now stands at between 50% and 60%.
Market size of AI-related jobs
For fintech players, from DeFicryptography and neo-banking, AI is destined to replace certain low-skilled or rewarding tasks. On the other hand it will facilitate other jobs more important for the company’s long-term survival. This is also true for the more traditional financial services sector.
A recent study by MarketResearch.biz revealed that the size of the global market for artificial intelligence in financial services is expected to grow rapidly to 1.5 billion euros.
Generative AI in this sector is expected to reach around $9,475.2 million by 2032. This represents significant growth compared with $847.2 million in 2022. As a result, the market is expected to grow at a compound annual growth rate (CAGR) of 28.1% between 2023 and 2032.
Job potential linked to generative AI
Indeed, today’s financial institutions recognize the potential of generative AI. And the
technologies that underpin it are now much more highly valued. The development of advanced machine learning (ML) algorithms, such as deep learning and reinforcement learning, now make it possible to train models on massive data sets, making it possible to generate highly accurate predictions.
From fraud detection to fraud prevention, from personalization of the customer experience (e.g., through the use of AI) to the development of new products and services.
the use of chatbots and virtual assistants) to risk assessment, the fields of action of generative AI technology seem limitless. It can help create trading and investment strategies. Or developing models for cybersecurity and risk management.
And that’s not all! Generative AI can also be used to help approve loans, mortgages, and detect fraud, among other things. So it’s not surprising that financial institutions are now exploiting these capabilities to maximize their efficiencyaccuracy and results. Automation can reduce costs. It streamlines operations and enables resources to be allocated more efficiently. This translates into savings for financial institutions.
The future of your work
But in concrete terms, what does this mean for employment? The most obvious changes will come in the form of a massive supply of jobs in AI and ML. According to the World Economic Forum’s Future of Jobs 2023 reportAI and machine learning specialists are among the fastest-growing jobs this year.
Customer service functions in financial services are also likely to be affected. Chatbots driven by IA can perform many of the same functions. Data scientists, on the other hand, will not be replaced by AI. Indeed, the interpretation of analytical data requires critical thinking and communication skills. Non-technical skills that only humans have been able to provide until now. Time-consuming and redundant tasks will be automated. This will free up more time to work on predictive modeling techniques.
AI and cybersecurity
Cybersecurity professionals should see changes too. Traditional AI-powered tools can indeed improve accuracy by detecting and identifying attacks in real time. They will be able to automate the incident response process and help experts identify new threats and emerging trendsso that action can be taken.
New jobs will also emerge. One that is already gaining ground is assistive engineering. In collaboration with content creators, data scientists develop and refine their own courses ChatGPT Prompt Engineering for Developers (Prompt Engineering for Developers), to provide software developers with the tools they need to work in this field. The aim is to provide software developers with the tools they need to work in this field, to better meet the needs of customers and users.
Annual salaries in this field in the USA start at $230,000 and go up to $335,000. So, in the context of your own career, you now know that taking on the challenges and opportunities of generative AI will enable you to improve your data-driven decision-making, increase your efficiency and, above all, stay one step ahead in a dynamic financial landscape. Discover thousands of job offers in the sector on the Journal Du Coin Jobboard.