Even finance is being affected by the onslaught of human vs. machine with a recent Deloitte survey revealing some startling stats.
The finance function is experiencing rapid change, and a recent Deloitte survey found that 73% percent of respondents are planning to implement technology to replace humans in their workforce this year—up from 58% a year ago.
While the finance workforce will grow smaller, companies need to adjust existing staff and bring in new skills that typically aren’t found in the finance department, according to a new Deloitte report.
Pharmaceutical companies have an abiding interest in enzymes. These proteins catalyze all kinds of biochemical interactions, often by targeting a single type of molecule with great precision. Harnessing the power of enzymes may help alleviate the major diseases of our time.
Unfortunately, we don’t know the exact molecular structure of most enzymes. In principle, chemists could use computers to model these molecules in order to identify how the molecules work, but enzymes are such complex structures that most are impossible for classical computers to model.
A sufficiently powerful quantum computer, however, could accurately predict in a matter of hours the properties, structure, and reactivity of such substances—an advance that could revolutionize drug development and usher in a new era in healthcare. Quantum computers have the potential to resolve problems of this complexity and magnitude across many different industries and applications, including finance, transportation, chemicals, and cybersecurity.
I’d like to apply for the job of man-machine team manager, please
It used to be that a job in finance would set you up for life. Steady, reliable, dependable, calculators and sweater vests. These things come to mind when you think of a career in finance.
Just like in other industries, AI and machine learning are entering the scene and causing great disruption in what used to be one of the most stable career choices. In the US, one report found that 1.3 million bank workers will lose their jobs or be reassigned due to automation. Globally, finance leaders are predicting that 50% of jobs could be lost.
As these technologies develop, which jobs will become obsolete? Will a robot be doing my taxes in the future? At the same time, what new opportunities are on the horizon?
Digital technologies drive business disruption. Today, artificial intelligence (AI) is at the forefront of financial industry disruption, allowing these firms to look differently at operations, staffing, processes, and the way work is done in a human-machine partnership. In PwC’s 2019 AI survey of US executives, financial services executives said they expect their AI efforts to result in increased revenue and profits (50%), better customer experiences (48%), and innovative new products (42%).
AI encompasses an array of technologies, from fully automated or autonomous intelligence to assisted or augmented intelligence. Financial firms are already deploying some relatively simple AI tools, such as intelligent process automation (IPA), which handles non-routine tasks and processes that require judgment and problem-solving to free employees to work on more valuable jobs. Banks have been using AI to redesign their fraud detection and anti-money laundering efforts for a while, and investment firms are starting to use AI to execute trades, manage portfolios, and provide personalized service to their clients. Insurance organizations, in turn, have been turning to AI—and especially machine learning (ML)—to enhance products, pricing, and underwriting; strengthen the claims process; predict and prevent fraud; and improve customer service and billing.
Citigroup’s chief economist, Willem Buiter, sees a storm brewing in China. He estimated that there is a 55 percent chance of a made-in-China global recession in the not too distant future, which he defines as a period of sub-2 percent global growth.
Americans as a whole don’t save a lot of money. The latest 2014 savings statistics shows that the average American only saves ~4% of their income a year. In other words, it takes the average American 25 years to save just one year’s worth of living expenses.
It’s hard to keep up with what’s going on in the world these days. Some facts are familiar to anyone who reads the news. Unemployment is high. Growth is slow. Shale gas is a big deal. But beyond the headlines, shifts are changing the U.S. economy and reshaping the global financial order. Here are ten that have surprised.
Where do small business owners get the money to expand their businesses? Many entrepreneurs, policy makers, and academics have wondered about that same question but thanks to the efforts of researchers at the Census Bureau, we know the answer.
Dwolla is a tiny 12-person startup churning out of Des Moines, Iowa that most people have never heard of. It was founded by 28-year-old Ben Milne, and it’s an innovative new way of thinking about online payments that sidesteps credit cards completely.
Citigroup and Bank of America were the reigning champs of finance in 2006.
The reigning champions of finance in 2006 were Citigroup Inc. (C) and Bank of America Corp. (BAC). As home prices peaked, they were leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
