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New skills in an AI world in finance

Author

Listed:
  • Nguyen, Tram Anh

    (CFTE | Centre for Finance, UK)

Abstract

The financial industry has undergone a transformation over the last 10 years, with FinTech now being worth more than a third of banking, and five of the top 10 financial services are now digital-based businesses. Nowadays, an increasing number of AI technologies, notably the Large Language Models (LLMs) like ChatGPT, are accelerating the disruption in the industry. The industry has changed, and the skills required in today’s landscape are different from the ones needed previously, resulting in a widening knowledge gap. This paper maintains that skills in an AI-powered world in finance are not confined to hard skills alone, but also encompass soft skills, industry knowledge, mindset and experience. The paper provides a long-term solution for the industry to acquire up-to-date skills and build a more resilient ecosystem in finance.

Suggested Citation

  • Nguyen, Tram Anh, 2023. "New skills in an AI world in finance," Journal of Digital Banking, Henry Stewart Publications, vol. 8(3), pages 263-274, December.
    • Handle: RePEc:aza:jdb000:y:2023:v:8:i:3:p:263-274
    as

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    More about this item

    Keywords

    skills; finance; FinTech; AI; education; lifelong learning;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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