As AI becomes an ever-more present part of the daily operations of financial services firms, many are asking the question: what impact will it have on the industry?
FinTech Global recently spoke to David Page, head of Macroecomic Research at AXA Investment Managers, to learn more about how innovation is shaping the financial market and how his company is playing its due part.
One of the key points made by Page included the fact that the impact AI will have on financial services will be ‘far-reaching’ and the industry must be humble as it gets to grips with this.
“I’d be looking at how AI is going to be impactful on the economics profession and economic forecasting, and how that spills through into economic market predictions,” said Page.
The reduction of operational cost and the boost of overall performance were also ways Page believes AI could bring key positive changes within the financial sector.
One of the more negative discussion topics surrounding AI in the financial industry as well as countless other sectors has been job displacement and the general disruption it can bring to long-term job security.
Page exclaimed, “We see this as a technology that is not going to evolve just over the next couple of years but over the next few decades. It’s going to be very difficult to look forward twenty years as the industry will look in some areas quite unrecognisable.”
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