The financial industry is predicting that the incorporation of AI and machine learning will displace millions of workers due to automation, but will ultimately create futuristic jobs to cater to the new financial environment, according to TNW.
One report in the U.S. found that 1.3 million bank workers will either lose their jobs or be reassigned while global financial leaders predict that up to 50% of jobs could be lost.
Although technological innovation will make specific jobs obsolete, there remains the possibility for new opportunities.
Frank van den Brink, Chief Employee Experience Officer at ABN AMRO, said, “There’s a shift going on. We occasionally call it the big migration because you see that automation, business process optimization, robotics, and robotic process automation (RPA) are growing and improving.”
“This will definitely impact operation work in the financial industry — but new jobs will also emerge,” he said. “The biggest challenge for all the corporates in financial services is: How do we reskill and upskill roughly 50-60% of our employees? I expect there will also be new jobs which we cannot even think of now.”
TNW came up with a list of potential jobs that would be essential in the future finance industry:
- Fintech headhunter/liaison
- Self-driving finance engineer
- Sustainable wealth manager
- Trust officer
- Cross-company cybersecurity liaison