|

AI is finally coming for bankers, and soon, the rest of us.

I think the moment that I’ve been dreading is here. Since around 2013 or 2014, I’ve always wondered how to prepare for when everything in finance is automated.

Artificial intelligence has come for banking.

Fortune: Beware, finance bros: AI is coming for banking before any other kinds of jobs, Citigroup warns.

Forbes: AI Could Displace More Than 50% Of Banking Jobs, According To New Citigroup Report

Windows Central: Despite claims of generative AI being a fad, it could automate 54% of banking jobs — OpenAI’s GPT-4 already outperformed seasoned analysts in predicting financial trends

I’m sure there’s more but those are the ones that caught my eyes in the last few days. So just a little more than 50% of the banking jobs about to be zapped.

That’s Wall Street but I’m pretty certain that cost cutting will spread to other finance corporate departments. Every company is going to look for ways to automate finance’s work. I’ve been cogitating about what to do when the time comes…

…and I’m still not sure what is the best thing to do. Probably business partnering, probably getting really digital savvy, and upping up your analytical and communication skills. And customer service. Finding ways to add value to the business unit, program or PMO or whatever you want to call the business.

I spoke to a guy who does digital transformation and he told me about the example of Pepsi: the company has done transformation and there are dramatically fewer finance professionals. He suggested always be curious and always be learning.

I tried to do some digging into what the digital transformation is doing to the finance department, but I have not found anything to support what the guy said.

But anyway, I think the massive, extremely disruptive change is here.

Similar Posts

“I devote 1% to charity and I’m supposed to be a philanthropist!”

“I devote 1% to charity and I’m supposed to be a philanthropist!”

Okay, the image’s quote is taken out of context, so to put it in perspective: Paul Tudor Jones is a hedge fund guy who gave a TED talk about the need to change capitalism. I can’t seem to get the link so if you want to hear the talk (and I advise you to do…

Millennials’ Rejection of Capitalism

Millennials’ Rejection of Capitalism

A couple of weeks ago I came across an article that shocked and dismayed me: something to the effect that the majority of the millennials would prefer communism. I wished I had kept the link to that article because now I can’t find it. First off, I complain a lot here about capitalism due to…

Millennials Thinking Revolution?

Millennials Thinking Revolution?

“A much smarter Malcolm than I, Malcolm X, said you don’t have revolutions without bloodshed, and he was probably right. But we’re in a situation now where the ruling class feels so powerful and I’m not sure what it will take to change things. I mean, we have thousands of Americans dead in Puerto Rico,…

Capitalism’s Impact: When the Largest Employer Leaves a Rural Town

Capitalism’s Impact: When the Largest Employer Leaves a Rural Town

Walmart is one case of how capitalism does not help the average person. This article by The Guardian describes how one town in the US got impacted by Walmart when they came roaring into town and now, when they left.This town in West Virginia was different in that they embraced Walmart when the big box store…

A New Way of Looking at Labor
|

A New Way of Looking at Labor

Recently, the New York Times have been doing a series of articles about work in their magazine section. It is called “The Work Issue: Reimagining the Office”. I haven’t read all the way through but I did want to post about the one where the owner of a cleaning service has decided that he would…