Over the past few years artificial Intelligence (AI) has been making waves in pop culture, appearing in hit TV shows like Westworld and even impacting social media where AI bots are replicating humans. Now, according to research from Burning Glass Technologies, AI is changing the jobs and skills available in the financial services industry.
The financial world has evolved from understanding what AI is, to actively using it in their company strategies. AI is scaling vital functions in asset management, fraud detection, securities services, customer service, and even investment banking. One example of AI in financial services is in Bank of America’s new automated helper, Erica. This new chatbot allows customers to check their account balance or transfer funds using only their voice.
In Burning Glass’s analysis, How Finance Companies are Investing in Artificial Intelligence Skills, we take a closer look at how AI is impacting the financial services industry and see how fast the demand for AI skills has been growing. Since 2012, demand for these skills has grown over six times faster than demand for all finance jobs (422% compared to 67%).
We analyze which banks are leveraging this new wave of technology, based on the skills they are seeking. In the last year, major players such as JP Morgan Chase Company and Capital One have continued to invest substantially in AI, nearly doubling their investments from 2016 to 2017.
According to our analysis, the majority of financial services roles requiring AI skills are found in high-growth markets in finance and technology such as New York, Boston, and San Francisco. However, we are now seeing many financial companies asking for AI skills in cities outside the high-tech hubs. There is potential for cost savings in hiring in these new regions because they have less competition and a lower cost of living.
Additional findings in the report shed light on exactly which AI skills are in demand, what the salaries look like for these skills, and more.
Download the full report today.
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