Fintech Nexus Newsletter (February 1, 2024): New report says banking and tech will be most impacted by GenAI

There is a new report out today that looks at the impact of generative AI on the workforce and what industries will be most impacted.

We have heard before that white-collar jobs, those people with college degrees will be most impacted. This report tries to quantify some of this impact.

It analyzed the total payroll and the percentage of this payroll that could be replaced with AI. It concludes that 60 to 80 percent of the payrolls at banking and tech companies could be impacted.

That is an astoundingly high percentage, even at the low end of that range. 

While this may one day come to pass, I don’t think it is all doom and gloom for fintech and banking workers. Like with any new technology, new jobs will be created and the nature of work will change.

I think we can safely say that in a decade the job of a typical executive in finance will look very different than it does today. And it is going to change fast.

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Featured

Generative A.I.’s Biggest Impact Will Be in Banking and Tech, Report Says

By Steve Lohr

For some companies, the new technology is an opportunity to enhance productivity and profit. Will their workers benefit as well?

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From Fintech Nexus

> How AI will deliver more customer-centric products

By Tony Zerucha

Galileo’s CPO, David Feuer, said AI and improving infrastructure allow financial services innovators to create more responsive products, including in BNPL.

> Improving Merchant and Consumer Financial Wellness with Embedded Lending

By Brian Lanehart

Advances in embedded lending provide better options for consumers and higher sales with more certainty for merchants. It’s a win-win.

> Long Take: How the Machine Economy combining AI, blockchain, and Fintech is growing

By Lex Sokolin

Examples of deeply innovative projects pushing at the frontier

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Podcast

Amalia Avramov, President of Financial Services of Amdocs on digital transformation for banking

The President of Financial Services for Amdocs talks about the challenges of digital transformation at banks and the tools…

Listen Now

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Editorial Cartoon

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Also Making News

• How AI is affecting neobank jobs
  Challenger banks, like traditional banks, are under pressure to operate with fewer expenses. Artificial intelligence is part of the answer, and the impact on the workforce may be profound.

• India weighs more penalties on Paytm, including revoking payments bank license
  The Reserve Bank of India is discussing more penalties on Paytm Payments Bank and may reach a decision within days, two sources familiar with the matter told TechCrunch, as troubles mount for the Indian financial services firm that serves more than 330 million customers. The central bank has internally discussed revoking the payments bank license.

• Mastercard Says New AI Model Ups Fraud Detection by 20%
  Mastercard has introduced a generative artificial intelligence (AI) solution to help prevent fraudulent transactions. The company has upgraded its Decision Intelligence solution to let it “scan an unprecedented one trillion data points to predict whether a transaction is likely to be genuine or not,” per a Thursday (Feb. 1) press release.

• Global e-commerce shines, but are retailers facing equally favorable conditions?
  Engaging in global e-commerce broadens access to a wider audience and opportunities for online sellers, but also introduces a set of significant challenges on a larger scale. Among other things, managing payments is a critical step for retailers to ensure a smooth customer experience from beginning to end. However, this constitutes one facet of several … Continue reading “Global e-commerce shines, but are retailers facing equally favorable conditions?” The post Global e-commerce shines, but are retailers facing equally favorable conditions? appeared first on Tearsheet.

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• Source: https://www.fintechnexus.com/fintech-nexus-newsletter-february-1-2024-new-report-says-banking-and-tech-will-be-most-impacted-by-genai/