The hottest in 2025, 230000 jobs in the financial

2022-07-31
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In 2025, 230000 jobs in the financial industry will be replaced by robots

the financial industry is accepting artificial intelligence technology. Some studies believe that artificial intelligence will soon become the main way for banks to interact with customers. So, where will the financial industry practitioners go in the future

in 2030, you are in the classroom of a business school, but very few students take finance courses

this is not due to the style of professors, school rankings, or subjective reasons. Students just stopped taking such courses because they couldn't find jobs studying finance

at present, finance, accounting, management and economics are some of the most popular majors in universities around the world, especially at the graduate level, because of the high employment rate. However, that is changing

according to the report of opimas, a consulting firm, in the next few years, it will be more and more difficult for university finance majors to attract students. Research shows that by 2025, 230000 jobs in this industry will disappear, and artificial intelligence will rob people of their jobs

so, does the robot consultant represent the future of the financial industry

a new generation of artificial intelligence

many market analysts believe that this will be the case. According to the data of Aite group, a market research company, the investment in the automation portfolio increased by 210% from 2014 to 2015

robots are hitting Wall Street. Hundreds of financial analysts have been replaced by software or robot consultants

according to two papers of Oxford University in 2013, in the next 20 years, 47% of jobs in the United States will be at high risk due to automation technology. 54% of the jobs are in the financial industry

this is not just an American phenomenon. The Bank of India also reported that due to the introduction of robotics in the workplace, the number of employees with one hearing level for two consecutive seasons has dropped by 7%

perhaps this is not surprising. After all, the foundation of the banking and financial industry is information processing, and some key operations, such as the renewal of passbooks or cash deposits, have been highly automated

at present, banks and financial institutions are rapidly accepting the new generation of artificial intelligence technology, and some financial work that used to require manual participation is being automated. These tasks include operation, financial management, algorithmic trading, and risk management

for example, the contract intelligence (coin) project of JPMorgan Chase is based on the machine learning system. This project helps JPMorgan to shorten the time for reviewing loan documents and reduce the error rate in loan approval

Accenture predicts that with the rapid rise of artificial intelligence in the banking industry, artificial intelligence will become the main way for banks to interact with customers in the next three years. Accenture said in its 2017 report that AI will bring a simpler user interface and help banks provide a more human like customer experience

for example, Royal Bank of Scotland and National Westminster Bank may soon use a virtual chat robot named LUVO to interact with customers. Based on IBM Watson technology, LUVO can understand and learn from interpersonal interaction, and eventually become a flesh and blood customer service

at the same time, HDFC, one of India's largest private banks, launched India's first bank chat robot EVA based on artificial intelligence. The chat robot can extract information from thousands of sources and provide answers in simple language in less than 0.4 seconds. In addition to EVA, HDFC has also provided a humanoid robot assistant IRA

artificial intelligence is also being used for investment. Many financial analysts said that complex trading machines can learn and think, and ultimately make the most advanced and complex investment algorithms look very simple

consultant robots help enterprises evaluate transactions, investments and strategies. Compared with quantitative analysts using traditional statistical tools, the time required for this method is significantly reduced

anthonyjenkins, former CEO of Barclays, once said that it was Uber time for the banking industry to encounter disruptive automation. Technology will provide about half of the points for banks, and in the next 10 years, there will be redundancy in the global financial services industry

as a result, it is likely that human fund managers will no longer exist

future: major in financial technology

at present, the university is reassessing its training plan to adapt to the technological disruption in the financial industry job market

both Stanford University and Georgetown University Business School plan to provide so-called financial technology in MBA programs, hoping to guide students how to become financial technology experts

the University of LEXAM greenDo in Wales announced the launch of the UK's first undergraduate degree in the field of financial technology

however, financial technology is still very novel and diverse. It is difficult for the academic community to formulate an appropriate syllabus for teaching computers to save test results without time constraints, let alone more advanced topics such as artificial intelligence. The lack of academic reference books and expert teachers has also brought challenges

rapid development of robots

it is still unclear whether artificial intelligence and automation can become the advantages of banks

if financial institutions abandon the human interaction welcomed by customers, excessive reliance on artificial intelligence may bring disadvantages

in addition, there may be other risks. When designing a simple portfolio, Robo advisors can save time and costs. However, when the market fluctuates, especially when millions of machines try to do one thing quickly at the same time, the machines may not be able to take the correct risk prevention measures

in August, 2012, the robot stock traders of Knight capital group tried hard to buy, resulting in a loss of $440million in just 45 minutes. In the world's major trading centers, high expectations for these well-designed robot traders may lead to chaos

there is no single algorithm that can integrate multiple volatility variables to form a multi-dimensional economic forecasting model, which is applicable to all investors. This could lead to fatal mistakes in financial markets

how can we protect investors when robots make wrong decisions? According to the regulations of the U.S. Securities and Exchange Commission (SEC), robot advisers need to be registered like human investment advisers and comply with the Investment Advisers Act

however, it is difficult to use the needle to limit the growth potential of human financial regulatory provisions to regulate robots

sec's investor protection rules require consultants to adhere to the due diligence standard, that is, consultants should unconditionally put the best interests of clients above their own interests. The supervision department will not neglect the value gate of the experimental machine due to the rush to work. It has begun to study whether the robot can comply with these rules in practice. Robot's decisions and suggestions come not from human reason, but from algorithm

this dilemma clearly shows the fact that it is difficult to completely replace labor. Even if robots become more and more popular, there will always be a demand for manpower

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