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3 Ways Artificial Intelligence Has the Power to Impact the Financial Job Market

It is undeniable that artificial intelligence holds a transformative influence across each and every business sector. The financial job market is no exception. Let’s dive deeper into the matter.

Opportunities and challenges

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When it comes to the impact of artificial intelligence in the job market, opportunities and challenges go hand in hand. Particularly in the financial field, artificial intelligence can enhance automation, improve analysis and support decision-making.

On the other hand, innovations in artificial intelligence also present risks that are able to potentially affect the fragility of the financial markets. Overall, artificial intelligence has the capacity to improve the workflows in the financial industries thanks to its processing and structuring of data.

Restructure of the labor market

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In the financial labor market, job cuts, increasing efficiency and job creation are all noticed at the same time. If the core value of a job relies on its manual work, then artificial intelligence poses no risk to the respective workers. However, if artificial intelligence has the power to perform and even improve the value of a certain job, cuts ensue.

Jobs that can easily be replaced are mostly those based on standardized tasks. However, there is a rapidly growing demand for other types of jobs, a phenomenon that is a reality only because of the evolution of artificial intelligence.

Now, professionals who are equipped with strong problem-solving skills and are capable of efficiently responding to the changes in the market are more valuable than ever. They are the ones needed to lead the workforce in the era of artificial intelligence.

Shifting demand and diverse skills

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The demand for professionals continues to irreversibly change due in great part to artificial intelligence. The demand is significantly lower for job positions comprised of manual and cognitive tasks.

Simultaneously, it is in constant growth for talents whose skill set centers around communication, creation, logic, creativity and technology. In the financial labor market, the next wave of recruitment trends will much likely be founded on the following considerations.

Employers will hunt for candidates with, at least, basic knowledge in artificial intelligence, and the best combination of soft skills. As machines and software brought to existence by artificial intelligence will be able to perform a wide range of activities, job seekers need to keep focusing on developing their soft skills.

Why? Because a big part of the technical components of their job will be in charge of technological innovations. With a diverse skill set, applicants will be eligible to work in a broad selection of industries.

In conclusion, the impact of artificial intelligence in the job market is a continuous tale of balancing opportunities and threats, improvements and struggles.

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5 Often Overlooked Things You Need to Know About Artificial Intelligence

Moving forward, what are some of the aspects that are essential for the artificial intelligence industry to factor into its plans?

All industries can be impacted

It is true that the evolution in artificial intelligence is being driven by the technological industries.

Nevertheless, it is urgent that companies across all other industries, including finance, infrastructures, retail and healthcare, start to deepen their understanding on how artificial intelligence can impact their business models, the job market and the customer base.

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Ethics and human rights need to play a huge role

The United Nations has created guidelines to assure that human rights are at the very center of business development. In the field of artificial intelligence, that should be no exception.

Developers need to ask themselves what severe impacts can artificially intelligence potentially cause on specific groups of people, and which are the most vulnerable. Then, they must come up with strategies to minimize those impacts to the fullest.

The environment must be protected

Artificial intelligence presents the promising opportunity of embedding environmental learning into machines, systems and software. But the leaders in the field need to focus on the matter.

Technological innovations have the power to greatly enhance efficiency in energy use and act as environmental solutions.

Teams in different departments are essential

The fact is that the professionals in computer science are not capable of driving progress and sustainability in artificial intelligence all by themselves.

Studies show that teams in charge of research, product development and marketing are more and more important. Their job has a substantial influence on the industry.

Companies need to improve communication

There is no denying that artificial intelligence is extremely complex. Few people fully understand how it works.

Companies need to learn how to simplify their communication in order for the populations to understand how artificial intelligence can help solve the issues that affect them. They need to have access to the best information, as well as channels to participate in the conversation.

In summary, artificial intelligence needs to continue growing in a way that is integrated will all other businesses and that supports the wellbeing of the populations.