The emergence of\u00a0automation has shifted the nature of jobs across sectors. So does the financial services. Financial services are\u00a0also not immune to this development and\u00a0are\u00a0impacted\u00a0by automation and artificial intelligence. Today, financial services are not limited to brick and mortar structure only. Traditionally, financial services used\u00a0to be\u00a0the job of a geeky person with a calculator. The financial industry used\u00a0to be\u00a0a paper-intensive industry.<\/p>\n
But now, things have changed and the nature of the job has changed from bookkeeping to critical financial analysis. Even the Banking sector is\u00a0technology-driven and gone the digital way. How one usually thinks about jobs in the financial services domain has already changed or in the process. Do you aspire to join financial services in the near future? What are the future job profiles for you? To answer these questions, one needs to understand how the increasing role of Artificial Intelligence will affect the future of financial services and how you can strive to stay relevant.<\/p>\n
Artificial intelligence AI will be the cause of great disruption for stable career choices of the financial services sector. According to one estimate, across the globe,\u00a0about\u00a01.3 million bank workers will lose their jobs. Traditional banking jobs like cashier, clerk, etc. are likely\u00a0to be\u00a0reduced by automation. All routine jobs are likely to go away with the increased interference of artificial intelligence\/automation.<\/p>\n
Artificial intelligence with a combination of Big Data is now even affecting jobs involving critical analysis.\u00a0The combination of\u00a0Big Data and AI enables us to make decision-based on humongous data and predict the future. This will thus affect the job of a financial planner, tax\u00a0personnel, and others. One needs to consider this automation as a wakeup call and as\u00a0an\u00a0indication\u00a0of\u00a0the need to continuously enhance our skills to\u00a0remain\u00a0relevant in this fast-evolving dynamic world.<\/p>\n
On one hand, AI will cut\u00a0routine repetitive jobs; and on the other hand, it will also create several jobs. It\u00a0is estimated\u00a0that in India, more than 50 lakh new jobs in the financial services sector will be created in the next ten years.\u00a0Fintech\u00a0is the new buzz word today. It is\u00a0a combination of\u00a0Finance with Technology. This\u00a0Fintech\u00a0sector will\u00a0provide\u00a0new job opportunities to aspirants in the future. ‘Finance Engineer’ and ‘Sustainable Wealth Manager’ are some job titles in the future.<\/p>\n
Roles for personalized financial guidance will emerge in the future. Financial advisors who have analytical skills and the ability to translate data into relevant and meaningful stories will be in demand. Jobs in the field of\u00a0blockchain, mobile wallet, and\u00a0Robo\u00a0advisors will flourish.\u00a0Blockchain\u00a0and apps developers, financial analysts, product managers, compliance experts, cybersecurity analysts, quantitative analysts, business development managers, and data specialists are few profiles that will be in demand.<\/p>\n
The need for highly skilled and tech-savvy financial professionals is\u00a0rising. In-depth and holistic financial knowledge will be the key to career success in this sector. Data analytics and sustainability are other important skills to sustain and thrive in the future market. \u2018Superforecasting\u2019 is an\u00a0ability\u00a0that is imperative\u00a0in the domain of \u2018Cryptocurrency\u2019. Superforecasting means\u00a0objective\u00a0analysis of all present and past events and breaking down complex problems to smaller pieces.\u00a0 Key requisite skills are business planning, data analytics, along with knowledge of C#, Java language,\u00a0Murex\u00a0language, Python, and other programming languages.<\/p>\n