A financial services recruitment firm has warned that the sector must embrace the wave of transformation resulting from artificial intelligence (AI), but that the jobs market is yet to be significantly impacted.
With financial services widely tipped as an industry set to experience significant change from the rapid development of AI, Core-Asset Consulting is reporting that only a very small percentage of Scottish job briefs directly referenced using AI tools or applications.
It has also recorded no evidence of AI being used, as yet, to replace workers – but has had indications from several blue chip clients that it may not be far away.
Mike Stirton, managing director of Core-Asset Consulting, commented: “The impact of AI on jobs in finance is embryonic at this stage, but it is coming.
“While some roles may inevitably disappear, new roles will emerge as a result; this is what we have seen over the last couple of decades with other emerging technology in the sector such as financial applications and how data is used.
“Scotland has a flourishing tech sector, which has enabled it to become a world leader in fintech, so theoretically, this should put us in an enviable position to capitalise on advancements and change.
“But it’s crucial that there is a joined up approach across industry, government and academia to ensure we are equipped to harness the change.“
He continued: “As an example of the opportunities coming, there will be a need for developers and engineers who can develop and maintain AI-powered systems.
“Financial services more generally will always need a human touch – as clients require the experience and judgment of top quality professionals at some point in the chain.”
AI could also create new job opportunities in compliance and cybersecurity – but again, Scotland must be seen to be an attractive destination for talent and able to offer added value to ward off those looking to outsource roles.
Stirton added: “Around 30 years ago we faced the digital revolution, which changed the status quo.
“We did a pretty good job at adapting what was a very traditional sector, so there’s no reason we can’t be just as successful in the face of change this time round.”
Founded by Betsy Williamson in Edinburgh during 2005, Core-Asset Consulting now employs 23 people working across the entire financial services sector.
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