How Will Artificial Intelligence Change the Face of Finance?
With the acceleration of artificial intelligence making its way into our lives, the financial industry is among the many areas that will see a significant impact. Each year, more and more companies are pouring millions of dollars into research and development for artificial intelligence, all of them recognizing the need for differentiation and being first to market with new features. As baby boomers inch closer to retirement, more and more millennials are stepping into the finance industry and bringing with them, a passion for technology and automation.
In many cases, artificial intelligence has already been implemented in less visible areas of financing. This has led to increased accuracy and improved efficiency in many areas. In his article published in Forbes, Abhishek Bhattacharya notes the significant impact artificial intelligence has played in major companies: “Parsing financial deals that once kept lawyers at JPMorgan Chase & Co. occupied for thousands of hours is just a matter of a few seconds today. Making this possible are a contract management software and a learning machine. Another case in point: Machine learning algorithms help Morgan Stanley augment its 16,000 financial advisers. These human brokers can suggest trades to the customers and take over routine tasks at the organization.”
One of the biggest barriers preventing AI from faster implementation is the workforce and a lack of skilled people with the knowledge and training necessary. As a newer area of study, the workforce is playing catch up with the demand and many employers are struggling to find enough qualified employees to help develop new strategies and implementation of AI. As the millennial generation continues to learn more about the significance of AI, it can be expected to see colleges and universities adding new programs to help train and equip students to make an impact in this area.