Financial services urged to be ready for impact of AI
Economy Secretary Neil Gray with robot at the National Robotarium (pic: Terry Murden)
A financial services recruiter has urged the sector to prepare for changes that artificial intelligence will impose on the jobs market.
Mike Stirton, managing director of Edinburgh-based Core-Asset Consulting said there were indications from several blue chip clients that the impact of AI may not be far away.
While a “human touch” will always be required, new roles will be created in areas such as compliance and cybersecurity, he said.
The changes will make it important that the industry, government and academia work together to ensure Scotland retains its international standing.
“The impact of AI on jobs in finance is embryonic at this stage, but it is coming,” he said.
“While some roles may inevitably disappear, new roles will emerge as a result. This is what we have seen over the last couple of decades with other emerging technology in the sector such as financial applications and how data is used.”
He added: “Scotland has a flourishing tech sector, which has enabled it to become a world leader in fintech. Theoretically, this should put us in an enviable position to capitalise on advancements and change.
“It’s crucial that there is a joined up approach across industry, government and academia to ensure we are equipped to harness the change. That’s down to ensuring we have leadership from government, a fit for purpose further education – and that we improve our recent STEM track record.
“As an example of the opportunities coming, there will be a need for developers and engineers who can develop and maintain AI-powered systems.
“Financial services more generally will always need a human touch – as clients require the experience and judgment of top quality professionals at some point in the chain.”
Mr Stirton said Scotland must be seen to be an attractive destination for talent and able to offer added value to ward off those looking to outsource roles.
“Around 30 years ago we faced the digital revolution, which changed the status quo. We did a pretty good job at adapting what was a very traditional, established sector. There’s no reason we can’t be just as successful in the face of change this time round.”