Finance professionals fear for their future due to AI.
According to industry workers, as many as 30% of people may lose their jobs within three years.
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.
Financial Specialists Are Afraid AI Will Take Their Jobs
As shown by
the latest research conducted by FintechOS, almost 73% of financial
industry employees from Great Britain and the USA are convinced that generative
artificial intelligence (GAI) will make their work redundant.
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.
Nearly 60%
believe the technology will lead to job losses within the next three
years, and employment could be reduced by up to 30%.
"GAI
will boost revenues but inevitably reshape the workforce and displace jobs,"
said Teodor Blidarus, the Co-Founder and CEO at FintechOS.
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.
Younger Employees Are Excited, Older
Terrified
The paper
titled "Generative Artificial Intelligence: The Technology Polarising the
Financial Services Industry" showed that it is mainly older employees who
are concerned about their future. Younger industry representatives suggest,
however, that the new technology is "exciting."
Most
representatives of the age group up to 44 called artificial intelligence a
"friend.” In the case of financiers over this age, the majority described
AI as a "foe."
"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.
The report
appears when there is a loud reshuffle in the AI market. Sam Altman, the
creator of ChatGPT and the Co-Founder of OpenAI, was fired from his project, only
to be reappointed as the CEO shortly after. 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.
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.
Financial Specialists Are Afraid AI Will Take Their Jobs
As shown by
the latest research conducted by FintechOS, almost 73% of financial
industry employees from Great Britain and the USA are convinced that generative
artificial intelligence (GAI) will make their work redundant.
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.
Nearly 60%
believe the technology will lead to job losses within the next three
years, and employment could be reduced by up to 30%.
"GAI
will boost revenues but inevitably reshape the workforce and displace jobs,"
said Teodor Blidarus, the Co-Founder and CEO at FintechOS.
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.
Younger Employees Are Excited, Older
Terrified
The paper
titled "Generative Artificial Intelligence: The Technology Polarising the
Financial Services Industry" showed that it is mainly older employees who
are concerned about their future. Younger industry representatives suggest,
however, that the new technology is "exciting."
Most
representatives of the age group up to 44 called artificial intelligence a
"friend.” In the case of financiers over this age, the majority described
AI as a "foe."
"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.
The report
appears when there is a loud reshuffle in the AI market. Sam Altman, the
creator of ChatGPT and the Co-Founder of OpenAI, was fired from his project, only
to be reappointed as the CEO shortly after. 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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!