FinTech Weekly - AI & (Troubled) Jobs - Issue #410

AI brings many advantages to businesses across several industries, but concerns about the future of work arise.

April 06, 2023

Artificial intelligence brings countless advantages to institutions and businesses around the globe: the enhanced automation can limit human intervention – and mistakes, improve efficiency, and decrease costs. On the other hand, this means that many jobs are at risk. Goldman Sachs predicted that around 300 million jobs could be lost or downgraded because of artificial intelligence, and over 1000 professionals signed an open letter to pause AI developments. But investors and businesses seem to be very happy to use AI – and they don’t want to stop. This and much more on FinTech Weekly, the weekly newsletter to stay ahead of competition, discover fintech news, events and insights.

Goldman Sachs Predicts 300 Million Jobs Will Be Lost Or Degraded By Artificial Intelligence
Goldman Sachs Predicts 300 Million Jobs Will Be Lost Or Degraded By Artificial Intelligence
— via Forbes

AI continues to gather investments, despite the crisis that hit also the startup ecosystem. Despite the success of this sector, many concerns arise: according to a study published by the National Bureau of Economic Research, from 50% to 70% of the changes in wages in the US can be attributed to workers being replaced or downgraded by automation. This trend started in 1980, and it seems that things could get worse in the future: Goldman Sachs predicted that around 300 million jobs will be replaced by artificial intelligence.

Future Branches in Boston
Future Branches in Boston
— via WBR Event

What is your branch doing to exceed their expectations and meet the needs of other generations as well? Future Branches is two days of action-packed stories, conversations and connections with the top minds in retail banking. We will explore how leading financial institutions are revamping retail banking technology, retooling front line associates, and creating the branch and retail banking experience of the future. You’ll get actionable strategies to provide personalized high touch experiences for today’s customers. This is THE meeting place to benchmark against the best of the best in financial services.

Impact Investing Conference
Impact Investing Conference
— via Impact Investing Conference

Impact Investing Conference 2023 in London is the Impact Investing World Forum (IIWF) 2023 as one of leading social impact investment events for ESG Funds, UN SDGs, Investor and sustainable investing in UK Europe Oxford University. For more info visit: [https://impactinvestingconferences.com]

Generative AI Too Disruptive for Its Own Good: DeepAI Founder
— via Bloomberg

Kevin Baragona, the founder of DeepAI, signed the petition to pause the development of AI. he discussed his choice and the impact of artificial intelligence with Caroline Hyde and Ed Ludlow.

AI and Robotics ETFs are hotter for traders than crypto in 2023
— via Moneyweb

Investments in AI could even increase in the near future: professional investors want to add AI and robotics to their portfolios in 2023. This type of investment seems to be most popular than investments in cryptocurrencies.

Banking Reinvented: How Advanced Generative AI Models Are Shaping the Industry
— via FinTech Weekly

Aayush Mittal analyzes the effect of artificial intelligence on banking for FinTech Weekly. Generative AI is actually re-shaping the whole industry, and guarantees competitive advantages to banks that use this technology and cooperate with fintechs.

Bloomberg reveals AI for financial data, community responds
— via Cointelegraph

In the meantime, Bloomberg announced the use of artificial intelligence for financial data. The BloombergGPT would be trained with the impressive amount of data collected by Bloomberg over the years. Also in this case, not all agree on the positive impact of this new system: many users on Twitter commented that this might be the end of financial analysts.

Generative AI in Fintech Market Size to Exceed US$ 6.2 Bn by 2032: Report by Market.us
— via GlobeNewswire

Another report, published by Market.us, confirms the success of artificial intelligence: according to the report, AI in the fintech sector alone should exceed $6 billion by 2032.

Nobel laureate Paul Krugman dampens expectations over A.I. like ChatGPT: ‘History suggests large economic effects will take longer than many people seem to expect’
— via Yahoo! Finance

Despite the success of artificial intelligence, the popular economist and Nobel laureate Paul Krugman said that the impact of AI won’t be so disruptive in the short run. According to the economist, this revolution will take time to really impact the economy, as it occurred with other major revolutions like computing.

Why Elon Musk and Steve Wozniak have said AI can ‘pose profound risks to society and humanity’
— via The Indian Express

Researchers and CEOs recently published an open letter on the Future of Life Institute website. They ask for a pause in AI development, since artificial intelligence poses serious risks to humans and the whole society.

Leaders like Elon Musk want to pause AI development, but the power of the free market means it's impossible to stop
— via Business Insider

Despite the open letter, it might be that the market doesn’t want the development of artificial intelligence to stop. The controversy is not only based on the fact that leaders around the world don’t have a clear strategy to stop AI, but also on the fact that artificial intelligence seems to give too many advantages to businesses.

The Evolution of Fintech: A Comprehensive Outlook on AI's Role in the Future
— via FinTech Weekly

FinTech Weekly analyzes the future of AI in fintech. This comprehensive outlook highlights the advantages of the use of artificial intelligence in financial technologies: from enhanced fraud detection systems, to alternative credit scoring, fintech and artificial intelligence seem to be intrinsically tied.

Jobs

Manager Compliance Customer Integrity
Manager Compliance Customer Integrity
— via FMO

Looking for a role as Manager Compliance customer integrity? Are you an expert on Financial Economic Crime? Look at this great management role within the development bank at FMO!

Relationship Manager
Relationship Manager
— via Raisin

To succeed in this role, you’ll need to be an individual with the ability to manage senior stakeholders, both externally and internally. We’re a high growth fintech business, so the ability to work on multiple relationships and ad-hoc projects concurrently is key.

Implementation Manager
Implementation Manager
— via Metropolitan Commercial Bank

In partnership with other members of the Global Payments team, the Implementation Manager will primarily focus on implementations of new Prepaid, Correspondent Banking, Merchant Acquiring, and other innovative Fintech programs.







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