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

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

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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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  • Peter RentonPeter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. .box-header-title { font-size: 20px !important; } .box-header-title { font-weight: bold !important; } .box-header-title { color: #000000 !important; } .pp-author-boxes-avatar img { border-style: none !important; } .pp-author-boxes-avatar img { border-radius: 5% !important; } .pp-author-boxes-name a { font-size: 24px !important; } .pp-author-boxes-name a { font-weight: bold !important; } .pp-author-boxes-name a { color: #000000 !important; } .pp-author-boxes-description { font-style: none !important; } .pp-author-boxes-description { text-align: left !important; } .pp-author-boxes-meta a span { font-size: 20px !important; } .pp-author-boxes-meta a span { font-weight: normal !important; } .pp-author-boxes-meta { text-align: left !important; } .pp-author-boxes-meta a { background-color: #6adc21 !important; } .pp-author-boxes-meta a { color: #ffffff !important; } .pp-author-boxes-meta a:hover { color: #ffffff !important; } .ppma-author-user_url-profile-data { color: #6adc21 !important; } .ppma-author-twitter-profile-data span, .ppma-author-twitter-profile-data i { font-size: 16px !important; } .ppma-author-twitter-profile-data { background-color: #6adc21 !important; } .ppma-author-twitter-profile-data { border-radius: 50% !important; } .ppma-author-twitter-profile-data { text-align: center !important; } .ppma-author-linkedin-profile-data span, .ppma-author-linkedin-profile-data i { font-size: 16px !important; } .ppma-author-linkedin-profile-data { background-color: #6adc21 !important; } .ppma-author-linkedin-profile-data { border-radius: 50% !important; } .pp-author-boxes-recent-posts-title { border-bottom-style: dotted !important; } .pp-multiple-authors-boxes-li { border-style: solid !important; } .pp-multiple-authors-boxes-li { color: #3c434a !important; }

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