Class
Article
College
College of Humanities and Social Sciences
Faculty Mentor
Jeannie Johnson
Presentation Type
Poster Presentation
Abstract
Job Automation poses many different risks to the population. While AI can be beneficial when it comes to removing human error in some industries, it can also create new levels of concern. There are inherent risks that Artificial Intelligence (AI) presents that may result in a mass job loss worldwide in the financial industry. The finance industry faces a risk of mass job losses which could result in a hurting economy. It is estimated that by the year 2030 over 20 million jobs will be replaced by artificial intelligence. In banking and finance Artificial Intelligence is currently assisting businesses by making more calculated decisions, this means that in the future AI has the potential to contribute to mass job loss around the world as technology improves.AI can transform industry standards and practices, if accurately measured to uphold the requirements to evolve with advancing technology. Banking and financial industries will need to adapt for experts to have the most efficient and cost-effective impact on society. Companies currently have a responsibility to develop AI in a way that will allow the industry to reprioritize rather than replace jobs.The financial industry is on the verge of a major adjustment due to artificial intelligence. The financial industry needs to adjust to the forthcoming transition that it faces in the future to prepare from any negative impacts it may face. To prevent the loss of jobs in the financial industry, those developing AI will need to create the software as a way of benefiting humans rather than replacing. It is possible for the financial industry to prevent mass job loss with proper preparation and priorities when it comes to developing Artificial Intelligence.Presentation Time: Wednesday, 11 a.m.-12 p.m.
Location
Logan, UT
Start Date
4-11-2021 12:00 AM
Included in
Artificial Intelligence and Job Automation: Challenges and Opportunities Presented for Future Workforces
Logan, UT
Job Automation poses many different risks to the population. While AI can be beneficial when it comes to removing human error in some industries, it can also create new levels of concern. There are inherent risks that Artificial Intelligence (AI) presents that may result in a mass job loss worldwide in the financial industry. The finance industry faces a risk of mass job losses which could result in a hurting economy. It is estimated that by the year 2030 over 20 million jobs will be replaced by artificial intelligence. In banking and finance Artificial Intelligence is currently assisting businesses by making more calculated decisions, this means that in the future AI has the potential to contribute to mass job loss around the world as technology improves.AI can transform industry standards and practices, if accurately measured to uphold the requirements to evolve with advancing technology. Banking and financial industries will need to adapt for experts to have the most efficient and cost-effective impact on society. Companies currently have a responsibility to develop AI in a way that will allow the industry to reprioritize rather than replace jobs.The financial industry is on the verge of a major adjustment due to artificial intelligence. The financial industry needs to adjust to the forthcoming transition that it faces in the future to prepare from any negative impacts it may face. To prevent the loss of jobs in the financial industry, those developing AI will need to create the software as a way of benefiting humans rather than replacing. It is possible for the financial industry to prevent mass job loss with proper preparation and priorities when it comes to developing Artificial Intelligence.Presentation Time: Wednesday, 11 a.m.-12 p.m.