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, 2023Artificial 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. |
Generative AI Too Disruptive for Its Own Good: DeepAI FounderKevin 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 2023Investments 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 IndustryAayush 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 respondsIn 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.usAnother 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’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’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 stopDespite 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 FutureFinTech 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. |
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