AI poised to replace entry-level positions at large financial institutions

Financial services, along with law and market research, are the top three industries that will be the first to see the effects of GenAI implementation, with Morgan Stanley, Bank of America and Northwestern Mutual as among the most “notable” companies affected, according to a report, Generative Artificial Intelligence and the Workforce, by the Society for Human Resource Management (SHRM) and Burning Glass Institute.

For CIOs in these fields, this may mean there are fewer employees with technology needs to organize and oversee; however, there will be new and different challenges in the forms of implementing and managing AI tools and their various roles in the organization.

For financial services in the short term, generative AI specifically will allow for further automation of financial analysis and reporting, enhancement of risk mitigation efforts, and optimization of financial operations, according to a report, The implications of generative AI in Finance, by consulting firm Deloitte.