It’s no secret that artificial intelligence (AI) is taking over from several roles across various industries. Companies tend to favor AI because of its efficiency, accuracy, and the long-term financial advantages it can bring. Now, a recent survey carried out by Greenwich Associates predicts that human research analysts will be the next to be replaced by more efficient AI. As early as next year around 75% of banks and financial firms will either be using, implementing, or exploring the possibility of integrating AI into their business models.
There are many reasons why AI has become so very popular over the past few years. One of them is that there is now so much data available online in which to train computers to carry out the tasks you need doing. Advances in the capabilities of graphical processing units (GPUs) has also made it easier to crunch through the amounts of data were talking. While the cloud is there to support researchers and startups when they need that little bit more power to service their complex AI systems.
It makes sense to integrate AI into financial research as machines are much more efficient at analyzing and crunching data than humans will ever be. Some Fintech companies, including Accern and Kensho, are creating more services for research analysis than any other area of financial services. Through the use of AI, banks can offer new services to its customers that would have otherwise been too expensive. Using machine learning and language processing, analysts can provide a much wider area of research coverage using the same number of staff.
While some people are worried that AI will put an end to the role of the human research analyst as we know it, others believe it will cause an increase in the number of jobs needed in the sector. Based on the Greenwich Associates survey, analyst Richard Johnson, who works for the company, predicts that around 15% of the industry’s job are at risk of being replaced by AI.
Technology may just be the one area that is safe from being taken over by robots because now more than ever, technical minded individuals are needed to help build and maintain these complex systems. Jobs involving sales that are relationship-based are also pretty safe, at least for now. And as of yet, I am still to meet a robot that can cook a better meal than myself.