In the intricate world of finance, traditions reign supreme, where proven methods stand the test of time. However, winds of change are stirring – enter the era of ChatGPT and artificial intelligence (AI). Whilst these words may send shivers of concern through some, as a Senior Consultant at Cherry Professional, I find the fusion of AI and finance not just intriguing but potentially transformative for the industry’s workforce. While some may approach this with caution, viewing AI as a threat to human-centric jobs, I see a world of
opportunities and benefits. Here are a few ways I see AI positively contributing to the Finance workforce:
Analysis and Predictions:
ChatGPT’s prowess lies in swiftly analysing vast datasets, outpacing human capabilities. This translates into accelerated financial market analysis and streamlined forecasting. Whether scrutinising market data or financial accounts, ChatGPT excels at making accurate predictions for investments and financial projections. The enhanced ability to analyse vast datasets quickly opens avenues for creating roles like AI Analysts, Data Scientists, and Forecasting Specialists. These professionals would specialise in extracting meaningful insights from AI-generated predictions, contributing to strategic decision-making.
Working with Financial Variables:
Imagine ChatGPT effortlessly identifying financial variables like market data, economic information, and historical financial statements. This implies that even intricate correlations and patterns, challenging for humans to discern, become accessible through AI-powered analysis. As AI identifies intricate financial variables, the need for specialists in data interpretation and pattern recognition arises. New roles such as Data Interpretation Experts or AI Integration Specialists could emerge, ensuring that the identified variables are effectively utilised for informed decision-making. Existing finance professionals can also upskill to become proficient in understanding and leveraging AI-generated insights. This would enhance their ability to navigate complex financial variables, fostering a more data-driven approach in their current roles.
The tedious task of generating financial reports gets a turbo boost with ChatGPT. When presenting copious amounts of information in a report, ChatGPT ensures organisation, accuracy, and ease of understanding – all in record time. The great thing about report generation is it takes care of monotonous and time-consuming tasks that humans would rather not do – freeing up their workload for higher-skill and more interesting tasks.
Compliance and Regulatory Requirements:
ChatGPT steps up to enhance the compliance of finance teams by automating various checks and delving into regulatory requirements. It could even monitor a business’s activities, flagging risks or violations. It’s crucial to note that ChatGPT should act as an assistant, with skilled professionals overseeing the accuracy of its AI input. The introduction of AI in managing compliance and regulatory aspects could give rise to roles like AI Compliance Officers or Regulatory Technology (RegTech) Specialists who could take ownership of monitoring AI-driven compliance processes.
AI’s integration into the finance industry is poised to enhance productivity and potentially give rise to new roles, keeping pace with the industry’s rapid evolution. While the prospect of job security is paramount, finance leaders must invest in empowering employees to deliver value where AI falls short. It’s not about replacing jobs; it’s about finding the perfect synergy between human expertise and AI innovation. The future of finance is bright, with collaboration leading the way.