Will AI Replace Finance Jobs?

May 31, 2024

by a searcher from Instituto Tecnológico de Buenos Aires in United States

AI is transforming everything, including finance. Are these jobs at risk?

McKinsey estimates that up to 45% of finance tasks could be automated with current technology. The tasks with the highest risk include risk management, fraud detection, and financial analysis.

However, AI is not just about displacing jobs—it also creates new opportunities. The World Economic Forum suggests that by 2025, AI might displace 85 million jobs but create 97 million new ones across various sectors.
What do you think? How do you see the future of finance jobs with AI? Share your thoughts.

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Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

For a while I was a hold-out and I did not think AI would have much of an impact on the financing industry. However, we are now starting to see the impact and we are even starting to use AI in many of our processes. With that said, AI cannot fully replace the human interaction and the decision making, and we are a long-ways away from regulators allowing AI to make decisions in the financing world. Ultimately I think AI might increase some processes and provide more information, but I actually do not think the people involved in the industry is going to change much. They might just become more efficient of be able to get more done. At the end of the day you still need people to tell the AI what to do and what to analyze.

Reply by a searcher
from Stanford University in New York, NY, USA

I wrote a longer piece about this. See here: https://www.linkedin.com/posts/oltac_some-personal-anecdotes-about-ai-its-first-order-activity-7197951572180365312-dYum. I know startups that already have some good AI products to replace accounting and finance. I have an extremely pessimistic view about 90% of the work done by professionals. Dealmakers who innovate will 100x their output with AI. 90% of the jobs will perish.

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