Transformative impacts of artificial intelligence on labor markets

Abstract

Artificial intelligence (AI) is a current topic today and in the future. It will impact the labor markets throughout different industries, and this thesis focuses on analyzing the positive effects on the financial sector’s labor markets. The relevance and research on this topic make for a purposeful literature review.

AI will affect the labor markets of the financial sector in various ways. It will give companies the opportunity to upskill and reskill existing workers to better adapt to the change of nature of their job positions. This can be considered a competitive strategy for companies because it furthers not only the businesses competitiveness with highly skilled workers, but also its employees personal career development.

AI will also create jobs and work opportunities in the future. These jobs include the increased need for already existing positions in various business areas, such as development, operations, and applications. Additionally, AI will create completely new and distinctly human job categories, which are defined as technical, operational, business, sustainer, explainer, and maintainer positions.

The key takeaway of this thesis is that the application of AI in the future of the financial sector will be a positive transformation, if it is properly regulated and managed to maintain its safety.