The merger of the world of finance with the world of AI is expected to produce the worlds first trillionaires. Wall Street has long been tied to high speed computers programmed to buy and sell stocks faster than you can say ” What just happened?”Soon it’s not going to be a case of “What’s in your wallet?’, it’s more like “What’s in your hardware and software?”
There’s virtually no industry that AI cannot–or will not–revolutionize in the coming years, and fintech is already finding itself at the forefront of the AI revolution. So, how will AI shape and change the financial industry? Which jobs are safe, and which are most likely to be replaced within the decade? More from Bloomberg:
Wall Street’s robot revolution has begun. JPMorgan Chase & Co. is rolling out a program called LOXM that executes equities trades so well, it’s replacing the humans who used to do that. Goldman Sachs is in the midst of automating the initial public offering process. Innovations in financial technology–fintech–are creating competition in fields long dominated by the institutions. Vikram Pandit, who ran Citigroup Inc. during the financial crisis, says technological advances could make 30 percent of banking jobs disappear in five years. David Siegel, co-founder of quant hedge fund Two Sigma, is worried that machines will soon make swaths of the workforce obsolete. But all hope is not lost.